MIR-2.1 MIR-2.1 Licensing Requirements
MIR-2.1.1
No
person shall undertake any of theregulated activities under section MIR-1.1, or hold himself out as undertaking anyregulated activities through alicensed exchange orlicensed clearing house in or from Bahrain, unless theperson is licensed by the CBB and accepted as a member of anSRO .Amended: April 2013
Adopted January 2010MIR-2.1.2
A
person will be deemed to be undertaking business within or from Bahrain, if for example:(a) Suchperson is incorporated in Bahrain;(b) Suchperson uses an address situated in Bahrain for the correspondence;(c) Suchperson directly solicitesclients who are resident within Bahrain; or(d) Suchperson utilises the services of alicensed exchange and/orlicensed clearing house .Amended: April 2013
Adopted January 2010MIR-2.1.3
Without prejudice to the generality of Article (89) of the CBB Law, no
person other than a licensedmember shall use, in any language a word or expression which may reasonably be understood to mean that suchperson is a licensedmember , or is carrying out a regulated activity unless he is a licensedperson .Amended: April 2013
Adopted January 2010MIR-2.1.4
Except with the written approval of the CBB, no
person other than a licensedmember shall take or use, or have attached to or exhibited at any place:(a) The title or description "licensed member " in any language; or(b) Any title or description which resembles a title or description referred to in (a).Amended: April 2013
Adopted January 2010MIR-2.1.4A
No
person may market anyfinancial services in the Kingdom of Bahrain unless:(a) Allowed to do by the terms of a license issued by the CBB;(b) The activities come within the terms of an exemption granted by the CBB by way of a Directive; or(c) Has obtained the express written permission of the CBB to offerfinancial services .Added: April 2013MIR-2.1.4B
In accordance with Resolution No.(16) for the year 2012 and for the purpose of Paragraph MIR-2.1.4A, the word 'market' refers to any promotion, offering, announcement, advertising, broadcast or any other means of communication made for the purpose of inducing recipients to purchase or otherwise acquire
financial services in return for monetary payment or some other form of valuable consideration.Added: April 2013MIR-2.1.4C
Persons in breach of Paragraph MIR-2.1.4A are considered in breach of Resolution No.(16) for the year 2012 and could be subject to penalties under Articles 129 and 161 of the CBB Law.
Added: April 2013MIR-2.1.5
Where a
person is licensed under Volumes 1 or 2, then a separate license under Volume 6 is not required in order to undertakeregulated activities of the kind specified under section MIR-1.1. Suchperson shall obtain the membership of theSRO before undertaking suchregulated activities .Amended: April 2013
Adopted January 2010MIR-2.1.6
Where a
person is licensed under Volume 4 to undertakeregulated activities of the kind specified under section MIR-1.1, such license shall be regarded as being given under this Module of Volume 6 and the licensee shall abide by this Module and Volume 6 in respect of its undertaking of the aboveregulated activities .Amended: July 2016
Adopted January 2010MIR-2.1.7
Depending on the type of
regulated activities that aperson wishes to undertake, an applicant must seek to be licensed under different licensing categories as stipulated under Paragraph MIR-2.2.4.Amended: July 2016
Amended: April 2013
Adopted January 2010