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  • MAE-8.1 MAE-8.1 Power of CBB to Remove Officers

    • MAE-8.1.1

      Where the CBB is satisfied that an officer of a licensed exchange or licensed market operator:

      (a) Has wilfully contravened or wilfully caused that licensed exchange or licensed market operator to contravene:
      (i) The CBB Law or Module MAE;
      (ii) Where applicable, its business rules; or
      (iii) Where applicable, its listing rules;
      (b) Has without reasonable excuse, failed to ensure compliance by that licensed exchange or licensed market operator, a member of that licensed exchange or licensed market operator, or a person associated with that member with:
      (i) The CBB Law or Module MAE;
      (ii) Where applicable the business rules of that licensed exchange or licensed market operator; or
      (iii) Where applicable, the listing rules of that licensed exchange or licensed market operator;
      (c) Has failed to discharge the duties or functions of his office or employment;
      (d) Is an undischarged bankrupt, whether in Bahrain or elsewhere;
      (e) Has had execution against him in respect of a judgement debt returned unsatisfied in whole or in part;
      (f) Has whether in Bahrain or elsewhere, made a compromise or scheme of arrangement with his creditors, being a compromise or scheme of arrangement that is still in operation; or
      (g) Has been convicted whether in Bahrain or elsewhere, of an offence involving fraud or dishonesty or the conviction for which involved a finding that he had acted fraudulently or dishonestly;

      the CBB may if it thinks it is necessary in the interests of the public or a section of the public, or for the protection of investors, by notice in writing direct that a licensed exchange or licensed market operator remove the officer from his office or employment, and that licensed exchange or licensed market operator shall comply with such notice.

      Amended: April 2016
      Amended: April 2013

    • MAE-8.1.2

      Without prejudice to any other matter that the CBB may consider relevant, the CBB may in determining whether an officer of a licensed exchange or licensed market operator has failed to discharge the duties or functions of his office or employment for the purposes of Paragraph MAE-8.1.1 (c), have regard to such criteria as the CBB may prescribe or specify in directions issued by notice in writing.

    • MAE-8.1.3

      Subject to Paragraph MAE-8.1.4, the CBB shall not direct a licensed exchange or licensed market operator to remove an officer from his office or employment without giving the licensed exchange or licensed market operator an opportunity to be heard.

    • MAE-8.1.4

      The CBB may direct a licensed exchange or licensed market operator to remove an officer from his office or employment under Paragraph MAE-8.1.1 on any of the following grounds without giving the licensed exchange or licensed market operator an opportunity to be heard:

      (a) The officer is an undischarged bankrupt whether in Bahrain or elsewhere; or
      (b) The officer has been convicted whether in Bahrain or elsewhere, of an offence:
      (i) Involving fraud or dishonesty or the conviction for which involved a finding that he had acted fraudulently or dishonestly; and
      (ii) Punishable with imprisonment for a term of 3 months or more.
      Amended: April 2016
      Amended: April 2013

    • MAE-8.1.5

      Where the CBB directs a licensed exchange or licensed market operator to remove an officer from his office or employment under Paragraph MAE-8.1.4, the CBB need not give that officer an opportunity to be heard.