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  • MAE-5.3 MAE-5.3 Approval of Chairman, Chief Executive Officer, Director [Version from 1 October 2008 to 31 March 2016]

    • MAE-5.3.1 [Version from 1 October 2008 to 31 March 2016]

      No licensed exchange shall appoint a person as its chairman, chief executive officer or director unless the licensed exchange has obtained the approval of the CBB.

    • MAE-5.3.2 [Version from 1 October 2008 to 31 March 2016]

      The CBB may, by notice in writing, require a licensed exchange to obtain the approval of the CBB for the appointment of any person to any key management position or committee of the licensed exchange and the licensed exchange shall comply with the notice.

    • MAE-5.3.3 [Version from 1 October 2008 to 31 March 2016]

      An application for approval under Paragraph MAE-5.3.1 or MAE-5.3.2 shall be made in such form and manner as the CBB may prescribe and the CBB may require the licensed exchange to furnish it with such information or documents as the CBB considers necessary in relation to the application referred to in Paragraph MAE-5.3.1 and the licensed exchange shall furnish such information or documents as required by the CBB.

    • MAE-5.3.4 [Version from 1 October 2008 to 31 March 2016]

      The CBB may have regard to the following matters in determining whether to approve or refuse to approve the appointment of a person under Paragraph MAE-5.3.1 or MAE-5.3.2:

      (a) Whether the person is fit and proper to be so appointed;
      (b) Whether the appointment of the person would be consistent with any applicable law relating to the qualifications for the position or the requirements for the composition of the board of directors or any committee of the licensed exchange; and
      (c) Whether it would be contrary to the interests of the public to approve the appointment of the person.

    • MAE-5.3.5 [Version from 1 October 2008 to 31 March 2016]

      Subject to Paragraph MAE-5.3.6, the CBB shall not refuse an application for approval under this section without giving the licensed exchange an opportunity to be heard.

    • MAE-5.3.6 [Version from 1 October 2008 to 31 March 2016]

      The CBB may refuse an application for approval on any of the following rounds without giving the licensed exchange an opportunity to be heard:

      (a) The person is an undischarged bankrupt, whether in Bahrain or elsewhere;
      (b) The person has been convicted, whether in Bahrain or elsewhere, of an offence:
      1. Involving fraud or dishonesty or the conviction for which involved a finding that he had acted fraudulently or dishonestly; and
      2. Punishable with imprisonment for a term of 3 months or more.

    • MAE-5.3.7 [Version from 1 October 2008 to 31 March 2016]

      Where the CBB refuses an application for approval under this section, the CBB need not give the person who was proposed to be appointed an opportunity to be heard.

    • MAE-5.3.8 [Version from 1 October 2008 to 31 March 2016]

      A licensed exchange shall as soon as practicable, give written notice to the CBB of the resignation or removal of its chairman, chief executive officer, director or person referred to in the notice issued by the CBB under Paragraph MAE-5.3.2.

    • MAE-5.3.9 [Version from 1 October 2008 to 31 March 2016]

      The licensed exchange shall provide for the composition and duties of the board of directors or any committee of a licensed exchange after obtaining CBB approval.

    • MAE-5.3.10 [Version from 1 October 2008 to 31 March 2016]

      In this section "committee" includes any committee of directors, disciplinary committee, appeals committee or any body responsible for disciplinary action against a member of a licensed exchange.