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  • MIR-A.2 MIR-A.2 Module History

    • Evolution of Module

      • MIR-A.2.1

        This Module was first issued in November 2009. Any material changes that are subsequently made to this Module are annotated with the calendar quarter date in which the change is made; Chapter UG-3 provides further details on Rulebook maintenance and version control.

        Adopted January 2010

      • MIR-A.2.2

        The Bahrain Stock Exchange's Internal Regulation, issued on 24th December 1988 (particularly Chapter 4 Articles 15 to 35), stipulates the membership requirements for the Exchange.

        Adopted January 2010

      • MIR-A.2.3

        Resolution No. (2) of 1990, in respect of Certain Conditions Relating to Securities Trading; Resolution No. (4) of 1999, on the Rules and Procedures of Automated Trading at the Bahrain Stock Exchange; and Resolution No. (6) of 2001, in respect of Provision of Remote Trading at the Bahrain Stock Exchange; provides detailed provisions and requirements regarding the rights and obligations of the BSE members in respect of securities trading through the automated trading system at the BSE.

        Adopted January 2010

      • MIR-A.2.4

        Resolution No. (3) for the Year 2000, issued by the Chairman of the Bahrain Stock Exchange's Board of Directors, with Respect to the Clearing, Settlement, Depository and Registry Rules provides for "the Participant" which means a BSE member who is accepted and permitted by the BSE to effect transfer of securities and other entries in relation to securities, by means of the CSDR System and provides detailed provision and requirements to be a participant in the CSDR System.

        Adopted January 2010

      • MIR-A.2.5

        A list of recent changes made to this Module is undertaken below:

        Module Ref. Change Date Description of Changes
        MIR-B.2.7, MIR-B.2.8A, MIR-B.2.17A, MIR-B.2.20A 04/2013 Amended and added definitions.
        MIR-2.1.1 04/2013 Clarified licensing requirements.
        MIR-2.1.2 04/2013 Clarified Subparagraph (d).
        MIR-2.1.4A to MIR-2.1.4C 04/2013 References added to requirements under Resolution No.(16) for the year 2012.
        MIR-2.1.5 04/2013 Removed reference to conventional bank as Islamic banks are also covered since reference is made to Volumes 1 and 2.
        MIR-2.2.4 04/2013 Deleted dealers and exempt members from licensing categories.
        MIR-2.2.4A 04/2013 Included external and proprietary membership conditions.
        MIR-2.2.5 04/2013 Deleted reference to 'dealer' as discount brokers are not able to trade through dealers.
        MIR-2.2.7 04/2013 Deleted licensing conditions of dealers.
        MIR-2.2.8A and MIR-2.2.8B 04/2013 Included specific external membership requirements.
        MIR-2.2.8C 04/2013 Included the proprietary membership requirements.
        MIR-2.2.9 04/2013 Clarified general status of clearing member.
        MIR-2.2.11 04/2013 Updated name change to Form 3.
        MIR-2.2.11A and MIR-2.2.11B 04/2013 New criteria for external members. CBB to retain market conduct supervision powers.
        MIR-2.2.12 04/2013 Included specific reference to licensing.
        MIR-2.2.12A 04/2013 Included general requirements for licensing as requirements for authorisation by the exchange.
        MIR-2.2.12B 04/2013 Included provision for licensing amendment.
        MIR-2.3 and MIR-2.4 04/2013 These Sections were deleted as exempted member was deleted as a licensing category.
        MIR-2.8.1 and MIR-2.8.1A 04/2013 Provided details of annual fees due to the CBB.
        MIR-2.10.1 04/2013 Included specific Rules for place of business.
        MIR-3.1.6 to MIR-3.1.8 04/2013 Moved reference from Section MIR-4.17 on compliance officer and added reporting from compliance officer to the CBB.
        MIR-3.2.2 04/2013 Added new residency requirements.
        MIR-3.4.2 04/2013 Added reference to Form 3: Application for Approved Person Status.
        MIR-4.7.7 04/2013 Included market maker agreement content.
        MIR-4.7.7A 04/2013 Included criteria to be a market maker.
        MIR-4.9.3 and MIR-4.9.4 04/2013 Added reference to report institutional information (IIS) to the CBB.
        MIR-4.12.4(i) 04/2013 Added regulatory disclosure as exception from maintaining confidentiality.
        MIR-4.17 04/2013 This Section was deleted and requirements moved to Paragraphs MIR-3.1.6 and MIR-3.1.7.
        MIR-2.8 04/2014 Clarified Rules and guidance on annual license fees.
        MIR-2.5.4, MIR-2.5.5, MIR-3.1.3 and MIR-4.8.9 07/2014 Removed reference to exempted member as this category was deleted as a licensing category in April 2013.
        MIR-3.1.3 07/2014 Corrected reference to non-existent Subparagraph.
        MIR-4.8.2 07/2014 Correction made to align with the requirements of the CBB Law.
        MIR-1.1.7 04/2016 Legal basis updated to reflect Resolution No (23) of 2015.
        MIR-3.1, MIR-3.3 and MIR-3.4 04/2016 Amended to be in line with Resolution No (23) of 2015 on Prior Approval Requirements for Approved Persons.
        MIR-3.1.3 04/2016 Clarified that controlled function (d) Head of function cannot be combined with other functions.
        MIR-3.4.1 and MIR-3.4.2 04/2016 Paragraph MIR-3.4.1 was deleted and clarification was made to Paragraph MIR-3.4.2 that approval for controlled functions referred to under Paragraph MIR-3.1.2, must be made by submitting Form 3.
        MIR-A.4.3(d) 07/2016 Included reference to classification of SRO members and membership requirements.
        MIR-B.1.2 07/2016 Added reference to authorisation for external trading member and proprietary trading member in scope.
        MIR-B.2 07/2016 Section deleted and contents moved to Glossary.
        MIR-1.1.2 07/2016 Corrected reference to licensee.
        MIR-1.1.3 07/2016 Corrected wording
        MIR-1.1.8, MIR-1.1.9 and MIR-1.1.10 07/2016 Legal basis updated to reflect Resolution No (59) of 2011, Resolution No (30) of 2015 and Resolution No (1) of 2016.
        MIR-2.1.6 07/2016 Typographical error corrected.
        MIR-2.1.7 07/2016 Amended to make reference to categories in MIR-2.2.4
        MIR-2.2.4 07/2016 Included authorised external trading member and authorised proprietary trading member as separate categories.
        MIR-2.2.4A 07/2016 Added cross reference.
        MIR-2.2.8A 07/2016 Deleted reference to dealer. Revised from licensed to authorised.
        MIR-2.2.8B and MIR-2.2.8C 07/2016 Revised from requirement to obtain license to authorisation.
        MIR-2.2.10, MIR-2.2.11A, MIR-3.6.1(a) 07/2016 Typographical errors corrected.
        MIR-2.8 07/2016 Amended to be in line with Resolution No. (1) of 2016 on annual licensing fees.
        MIR-3.1and MIR-3.3.1A(g) 07/2016 Amended to be in line Modules MAE and CSD.
        MIR-3.4.8 and MIR-3.4.11 07/2016 Deleted Paragraph MIR-3.4.8 and included under Paragraph MIR-3.4.11.
        MIR-4.1.1 07/2016 Introduced rules on invitation and attendance at AGM and EGM by CBB representative.
        MIR-4.2.3 07/2016 Clarified deadline.
        MIR-4.3.3 07/2016 Deleted reference to exempt member.
        MIR-4.8.10 07/2016 Added due date for publication requirement.
        MIR-4.8.11 07/2016 Clarified accounting standards to be used.
        MIR-2.9.2 07/2017 Added Paragraph to clarify the cost of publication.
        MIR-2.9.3 07/2017 Added Paragraph on means of publication.
        MIR-4.7.23 01/2018 Amended Paragraph.
        MIR-4.7.23A 01/2018 Added new guidance paragraph.
        MIR-A.3.2 01/2019 Added a new Paragraph on market makers.
        MIR-4.7.7(c)(iii) and MIR-4.7.7A 01/2019 Deleted client disclosure requirement and criteria to be a market maker.
        MIR-4.19 01/2019 Added a new Section on market making for liquidity enhancement.
        MIR-2.9.1 10/2019 Amended Paragraph and changed from Rule to Guidance.
        MIR-2.2.12B 04/2020 Amended Paragraph.
        MIR-3.4.3 04/2020 Amended Paragraph.
        MIR-4.1.1A 10/2020 Added a new Paragraph on Provision of Financial Services on a Non-discriminatory Basis.

    • Superseded Requirements

      • MIR-A.2.6

        This Module supersedes the following provisions contained in Circulars, or any other regulatory instruments:

        Circular/Other Ref. Provisions Subject
        BSE Internal Regulation Article No. 17 Article 17 Brokers registered with the Ministry of Commerce shall apply to the BSE Management for a new license for undertaking brokerage in securities.
        Resolution No. (2) of 1995 Issued by the Chairman of the BSE All In respect of services provided by brokerage companies at the Bahrain Stock Exchange.
        Resolution No. (2) of 2002 Issued by the Chairman of the BSE All In respect of the provision of custodial services through the Central Depository System at the Bahrain Stock Exchange.
        Adopted January 2010