• CSD-3.5 CSD-3.5 Regulation of Clearing and Deposit Fees of Licensed Clearing Houses and Licensed Central Depositories

    • CSD-3.5.1

      A licensed clearing house or licensed central depository shall not impose, modify, restructure or otherwise change any existing clearing or depository fee imposed on its members or depository participants, without the prior written approval of the CBB.

      Amended: April 2016

    • CSD-3.5.2

      The CBB may require the licensed clearing house or licensed central depository to furnish it with such information or documents as the CBB considers necessary in relation to the application referred to in rule CSD-3.5.1, and the licensed clearing house or licensed central depository shall furnish such information or documents as the CBB may require.

      Amended: April 2016

    • CSD-3.5.3

      The CBB shall, within 30 business days of receipt of a completed application referred to in paragraph CSD-3.5.2, by notice in writing to the licensed clearing house or licensed central depository, either grant the approval or notify the licensed clearing house or licensed central depository of its intention to refuse to grant the approval.

      Amended: July 2016

    • CSD-3.5.4

      The CBB may, by notice in writing to the licensed clearing house or licensed central depository, extend the period referred to in rule CSD-3.5.3:

      (a) To a maximum of 45 business days from the day of receipt of a completed application referred to in rule CSD-3.5.1; or
      (b) For a further period of such duration as the CBB thinks fit upon the expiry of the 45 business days referred to in (a) above.
      Amended: April 2016

    • CSD-3.5.5

      The CBB may have regard to the following matters for the purposes of deciding whether to grant or to refuse to grant its approval:

      (a) The effect of the proposed imposition of or change in the fee on:
      (i) Competition in the financial services industry of Bahrain; and
      (ii) Access to clearing, settlement or depository services in Bahrain;
      (b) The cost of providing the service for which such proposed imposition or change in fee is proposed;
      (c) The effect of such proposed imposition or change on the cost and efficiency of trading, clearing, settlement and depository in Bahrain of securities or futures contracts; and
      (d) The effect of such proposed imposition or change in the objective of the CBB as specified in the CBB Law.

    • CSD-3.5.6

      The CBB may grant its approval subject to such conditions or restrictions as the CBB may deem fit to impose by notice in writing to the licensed clearing house or licensed central depository, including conditions or restrictions relating to:

      (a) The period for which the approval of the fee will be in force;
      (b) The circumstances under which, or date by which the licensed clearing house or licensed central depository will be required to submit another application for approval of the clearing or depository fee under rule CSD-3.5.1 upon the expiry of the period referred (a) above; and
      (c) The circumstances under which, or the changes in the fee for which, the licensed clearing house or licensed central depository will not be required to submit another application for approval of a change in the fee under rule CSD-3.5.1 upon the expiry of the period referred to in (a) above.
      Amended: April 2016

    • CSD-3.5.7

      The CBB shall not refuse to grant its approval without giving the licensed clearing house or licensed central depository an opportunity to be heard.

      Amended: April 2016

    • CSD-3.5.8

      The licensed clearing house or licensed central depository may only charge the fee approved by the CBB under rule CSD-3.5.1 for the service or services in respect of which it was approved.

      Amended: April 2016