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  • MAE-5.4 MAE-5.4 Business Transfer

    • MAE-5.4.1

      A licensed exchange or licensed market operator shall not transfer all or any part of its business to others without the prior written approval from the CBB.

      Amended: April 2016

    • MAE-5.4.2

      A licensed exchange or licensed market operator who desires to transfer all or any part of its business referred to in Paragraph MAE-5.4.1 shall make an application to the CBB in Form 8.

    • MAE-5.4.3

      A Transfer of Business application shall be published by the CBB in the Official Gazette and also in 2 daily newspapers, one in Arabic and one in English in Bahrain. The publication should include a call to the concerned parties to submit any objections to the CBB within 3 months from the date of publication.

    • MAE-5.4.4

      The CBB shall consider the objections referred to in the preceding Paragraph before taking any action on the application for transfer.

    • MAE-5.4.5

      The CBB shall determine the procedure of processing applications for business transfer.

      Amended: July 2016

    • MAE-5.4.6

      The following shall apply in order to approve a business transfer:

      (a) The business, subject of transfer, shall not be prohibited by the CBB;
      (b) The Transfer of Business shall not cause damages to the interests of the licensed exchange or licensed market operator's users;
      (c) The transferee must be licensed to carry out the business in the place to which it is to be transferred;
      (d) The transferee company should fulfil all the eligibility criteria laid down in this module to operate as a licensed exchange; and
      (e) The CBB must be satisfied that the Transfer of Business is appropriate under relevant regulations issued in this respect.

    • MAE-5.4.7

      The CBB shall give its approval to a Transfer of Business if the application satisfies the requirements set in Paragraph MAE-5.4.6. Such approval may be given subject to any conditions deemed appropriate by the CBB.

      Amended: July 2016

    • MAE-5.4.8

      The decision of the CBB on a Transfer of Business shall be published in the Official Gazette as well as in 2 daily newspapers, one in Arabic and one in English in Bahrain. The decision shall be effective from the date set therein.

    • MAE-5.4.9

      An applicant whose application has been turned down or who faces restrictions regarding the transfer of his business may appeal to a competent court within 30 days from the date of publishing of such decision on the Official Gazette.