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  • Cancellation of License

    • CSD-1.3.6

      The CBB may cancel any license held by a licensed clearing house or licensed central depository if:

      (a) There exists a ground under which the CBB may refuse an application;
      (b) The licensed clearing house or licensed central depository is in the course of being wound up or otherwise dissolved;
      (c) The licensed clearing house or licensed central depository contravenes:
      (i) Any condition or restriction applicable in respect of its license;
      (ii) Any direction issued to it by the CBB;
      (iii) Any provision in this Module; or
      (iv) Any other CBB law, rule or regulation;
      (d) The licensed clearing house or licensed central depository operates in a manner that is in the opinion of the CBB, contrary to the interests of the public or user; or
      (e) Any information or document provided by the licensed clearing house or licensed central depository to the CBB is false or misleading.
      Amended: April 2016

    • CSD-1.3.7

      The CBB may not, subject to paragraph CSD-1.3.6, cancel any license that was granted to a licensed clearing house or licensed central depository without giving the opportunity to be heard.

      Amended: April 2016

    • CSD-1.3.8

      The CBB may cancel a license that was granted to a licensed clearing house or licensed central depository on any of the following grounds without giving an opportunity to be heard:

      (a) The licensed clearing house or licensed central depository is in the course of being wound up or otherwise dissolved;
      (b) A receiver, a receiver and manager, or an equivalent person has been appointed, in relation to or in respect of any property of the licensed clearing house or licensed central depository; or
      (c) The licensed clearing house or licensed central depository has been convicted, whether in Bahrain or elsewhere, of an offence involving fraud or dishonesty or the conviction for which involved a finding that it had acted fraudulently or dishonestly.
      Amended: April 2016

    • CSD-1.3.9

      A licensed clearing house or licensed central depository shall be deemed to have ceased to operate if:

      (a) It has ceased to offer its services as a licensed clearing house or licensed central depository for more than 30 days, unless it has obtained the prior approval of the CBB to do so; or
      (b) It has ceased to offer a licensed clearing house or licensed central depository services under a direction issued by the CBB.
      Amended: April 2016

    • CSD-1.3.10

      Any cancellation of a license of a licensed clearing house or licensed central depository shall not operate so as to:

      (a) Avoid or affect any agreement, transaction or arrangement entered into by a licensed clearing house or licensed central depository, whether the agreement, transaction or arrangement was entered into before or after the revocation of the license; or
      (b) Affect any right, obligation or liability arising under such agreement, transaction or arrangement.
      Amended: April 2016

    • CSD-1.3.11

      Where the CBB cancels or amends a license of a licensed clearing house or licensed central depository, notification to the licensed clearing house or licensed central depository and an appeal against such a decision shall be governed by Article 48 of the CBB Law.

      Amended: July 2016
      Amended: April 2016