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 licensedmember , 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) Themember does not commence undertaking itsregulated activities within 6 months from the date on which it was granted the license;(c) Themember ceases to undertake itsregulated activities ;(d) Themember 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; or5. Any provision or requirements of thebusiness rules and requirements of anSRO .(e) The licensedmember undertakingregulated activities in a manner that is in the opinion of the CBB contrary to the market integrity and the interests of the public orclients ;(f) Any information or document that is submitted to the CBB that themember knows is false or misleading; and(g) Any false or misleading information or document knowingly or willingly disseminated by themember to the market or itsclients .Amended: April 2013
Adopted January 2010MIR-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 2010MIR-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) Themember 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 equivalentperson has been appointed, whether in Bahrain or elsewhere, in relation to or in respect of any property of themember ;(c) Themember 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 themember .Adopted January 2010MIR-2.7.4
For the purposes of paragraph MIR-2.7.1 (c), a
member shall be deemed to have ceased to undertake itsregulated activities if:(a) It has ceased to undertake itsregulated activities for more than 30 days, unless it has obtained the prior approval of the CBB, orSRO to do so; or(b) It has ceased to undertake theregulated activities under a direction issued by the CBB, orSRO .Adopted January 2010MIR-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 themember , 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 suchmarket contracts , agreements, transactions or arrangements.Adopted January 2010MIR-2.7.6
Where the CBB cancels or amends a license of a
member , notification to themember and an appeal against such a decision shall be governed by Article 48 of the CBB Law.Adopted January 2010