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  • MIR 2.7 MIR 2.7 Cancellation or Amendment of License

    • MIR-2.7.1

      Without prejudice to the CBB Law Articles 108, 109 & 110, the CBB may cancel any license of a person as a licensed member, if:

      (a) There exists criteria under section MIR-2.5 that the member does not meet and on which grounds the CBB would refuse an application;
      (b) The member does not commence undertaking its regulated activities within 6 months from the date on which it was granted the license;
      (c) The member ceases to undertake its regulated activities;
      (d) The member contravenes:
      1. Any CBB Law, rules or regulations;
      2. Any condition or restriction applicable in respect of its license;
      3. Any direction issued to it by the CBB;
      4. Any provision in this Module; or
      5. Any provision or requirements of the business rules and requirements of an SRO.
      (e) The licensed member undertaking regulated activities in a manner that is in the opinion of the CBB contrary to the market integrity and the interests of the public or clients;
      (f) Any information or document that is submitted to the CBB that the member knows is false or misleading; and
      (g) Any false or misleading information or document knowingly or willingly disseminated by the member to the market or its clients.
      Amended: April 2013
      Adopted January 2010

    • MIR-2.7.2

      The CBB may not, subject to paragraph MIR-2.7.3, cancel any license that was granted to a member without giving the opportunity to be heard.

      Adopted January 2010

    • MIR-2.7.3

      The CBB may cancel a license that was granted to a member on any of the following grounds without giving an opportunity to be heard:

      (a) The member is in the course of being wound up or otherwise dissolved, whether in Bahrain or elsewhere;
      (b) A receiver, a receiver and manager, or an equivalent person has been appointed, whether in Bahrain or elsewhere, in relation to or in respect of any property of the member;
      (c) The member 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; and
      (d) The implementation of a decision or an appeal of the Disciplinary Committee resolution, whether in Bahrain or elsewhere, for the cancellation of membership of the member.
      Adopted January 2010

    • MIR-2.7.4

      For the purposes of paragraph MIR-2.7.1 (c), a member shall be deemed to have ceased to undertake its regulated activities if:

      (a) It has ceased to undertake its regulated activities for more than 30 days, unless it has obtained the prior approval of the CBB, or SRO to do so; or
      (b) It has ceased to undertake the regulated activities under a direction issued by the CBB, or SRO.
      Adopted January 2010

    • MIR-2.7.5

      In accordance with the CBB Law Articles 108, 109 & 110, any cancellation of a license of a member referred to in paragraph MIR-2.7.1 shall not operate so as to:

      (a) Avoid or affect any agreement, transaction or arrangement entered into a market contract undertaken by the member, 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 market contracts, agreements, transactions or arrangements.
      Adopted January 2010

    • MIR-2.7.6

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

      Adopted January 2010