Notification Requirements
MAE-2.1.2
A
licensed exchange orlicensed market operator shall, as soon as practicable after the occurrence of any of the following circumstances, notify the CBB of the circumstance:(a) Any material change to the information provided by thelicensed exchange orlicensed market operator in its application under MAE-1.2;(b) The carrying on of any business by thelicensed exchange orlicensed market operator other than:(i) The business of operating amarket ;(ii) A business incidental to operating amarket ; or(iii) Such business or class of businesses as the CBB may prescribe;(c) The acquisition by thelicensed exchange orlicensed market operator of a substantial shareholding in a corporation which does not carry on:(i) The business of operating amarket ;(ii) A business incidental to operating amarket ; or(iii) Such business or class of businesses as the CBB may prescribe;(d) Thelicensed exchange orlicensed market operator becoming aware of a financial irregularity or other matter which in its opinion:(i) May affect its ability to discharge its financial obligations; or(ii) May affect the ability of amember of thelicensed exchange orlicensed market operator to meet its financial obligations to thelicensed exchange orlicensed market operator ;(e) Thelicensed exchange orlicensed market operator reprimanding, fining, suspending, expelling or otherwise taking disciplinary action against amember of thelicensed exchange orlicensed market operator ;(f) The licensed exchange or licensed market operator reprimands, suspends, dismisses or otherwise takes disciplinary action against any of its directors, or key management officers or if any director or key management officer is subject to an order or petition of bankruptcy or criminal prosecution;(g) Any civil or criminal legal proceeding instituted against thelicensed exchange orlicensed market operator , whether in Bahrain or elsewhere;(h) Any disciplinary action taken against thelicensed exchange orlicensed market operator by any regulatory body, whether in Bahrain or elsewhere, other than the CBB;(i) Any significant change to the regulatory requirements imposed on thelicensed exchange orlicensed market operator by any regulatory body, whether in Bahrain or elsewhere, other than the CBB;(j) A failure by thelicensed exchange orlicensed market operator to adhere to the trading days, hours or sessions of thelicensed exchange orlicensed market operator ;(k) Any disruption of, delay in, suspension of, or termination in any trading procedure or trading practice of thelicensed exchange orlicensed market operator including those resulting from any system failure;(l) Any other matter that the CBB may specify by notice in writing to thelicensed exchange orlicensed market operator .Amended: April 2013MAE-2.1.3
The CBB may, at any time after receiving a notification referred to in Paragraph MAE-2.1.2 and after providing the
licensed exchange andlicensed market operator an opportunity to be heard, issue directions to thelicensed exchange orlicensed market operator :(a) Where the notification relates to a matter referred to in Subparagraph MAE-2.1.1 (b):(i) To cease carrying on the first-mentioned business referred to in Subparagraph MAE-2.1.1 (b); or(ii) To carry on the first-mentioned business referred to in Subparagraph MAE-2.1.1 (b) subject to such conditions or restrictions as the CBB may impose; or(b) Where the notification relates to a matter referred to in Subparagraph MAE-2.1.1 (c):(i) To dispose of the shareholding referred to in Subparagraph MAE-2.1.1 (c); or(ii) To exercise its rights relating to such shareholding subject to such conditions or restrictions as the CBB may impose, and thelicensed exchange orlicensed market operator shall comply with such directions.Amended: April 2016
Amended: April 2013MAE-2.1.4
Where a circumstance referred to in MAE-2.1.2 has occurred, the
licensed exchange orlicensed market operator shall, in addition to the notification required under Paragraph MAE-2.1.2, within 14 days of the occurrence of the circumstance or such longer period as the CBB may permit, submit a report to the CBB of the circumstances relating to the occurrence, the remedial actions taken at the time of the occurrence, and the subsequent follow-up actions that thelicensed exchange orlicensed market operator has taken or intends to take.Amended: April 2016
MAE-2.1.5
An exchange may levy on its
members ,participants andusers such fees as it may deem necessary in the form of:(a) Membership fees; and/or(b) Listing feesAmended: April 2013MAE-2.1.6
The fees shall be paid quarterly, semi-annually or annually at the discretion of the exchange.
MAE-2.1.7
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licensed exchange orlicensed market operator shall, within a reasonable period of time prior to entering into negotiations to establish a trading linkage, clearing arrangement or cooperative arrangement with theperson establishing or operating an overseasmarket or clearing facility, notify the CBB of such intent to enter into negotiations.MAE-2.1.8
In Paragraph MAE-2.1.7, "cooperative arrangement" shall not include:
(a) Any joint development of products and services;(b) Any joint marketing efforts between thelicensed exchange and theperson operating an overseasmarket or clearing facility in promoting the services of either entity; or(c) Any memoranda of understanding for the exchange of information.