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  • MIR-3.4 MIR-3.4 Approved Persons

    • MIR-3.4.1

      [This Paragraph was deleted in April 2016.]

      Deleted: April 2016
      Adopted January 2010

    • Prior Approval Requirements and Process

      Contents:

      •    MIR-3.4.2
      •    MIR-3.4.3
      •    MIR-3.4.4

      • MIR-3.4.2

        An application for approval for a person occupying a controlled function under Paragraph MIR-3.1.2 must be made by submitting to the CBB a duly completed Form 3 (Application for Approved Person Status) and Curriculum Vitae after verifying that the information in the Form 3, including previous experience is accurate. Form 3 is available under Volume 6 Part B Authorisation Forms MIR Forms of the CBB Rulebook.

        Amended: April 2016
        Amended: April 2013
        Adopted January 2010

      • MIR-3.4.3

        When the request for approved person status forms part of a license application, it must be marked for the attention of the Director, Licensing Directorate. When the submission to undertake a controlled function is in relation to an existing member, except if dealing with a MLRO, it must be marked for the attention of the Director, Capital Markets Supervision Directorate. In case of the MLRO, Form 3 must be marked for the attention of the Director, Compliance Directorate.

        Amended: April 2020
        Amended: April 2016
        Adopted January 2010

      • MIR-3.4.3A

        When submitting the Forms 3, members must ensure that the Form 3 is:

        (a) Submitted to the CBB with a covering letter signed by an authorised representative of the member, seeking CBB approval;
        (b) Submitted in original form;
        (c) Submitted with a certified copy of the applicant's passport, original or certified copies of educational and professional qualification certificates (and translation if not in Arabic or English) and the Curriculum Vitae; and
        (d) Signed by an authorised representative of the member and all pages stamped with the member's seal.
        Added: April 2016

      • MIR-3.4.4

        Members seeking to appoint Board Directors must seek CBB approval for all the candidates to be put forward for election/approval at a shareholders' meeting, in advance of the agenda being issued to shareholders. CBB approval of the candidates does not in any way limit shareholders' rights to refuse those put forward for election/approval.

        Amended: April 2016
        Adopted January 2010

    • Assessment of Application

      Contents:

      •    MIR-3.4.5

      • MIR-3.4.4A

        The CBB shall review and assess the application for approved person status to ensure that it satisfies all the conditions required in Paragraph MIR-3.3.1A and the criteria outlined in Paragraph MIR-3.3.1C.

        Added: April 2016

      • MIR-3.4.4B

        For purposes of Paragraph MIR-3.4.4A, members should give the CBB a reasonable amount of notice in order for an application to be reviewed. The CBB shall respond within 15 business days from the date of meeting all required conditions and regulatory requirements, including but not limited to, receiving the application complete with all the required information and documents, as well as verifying references.

        Added: April 2016

      • MIR-3.4.5

        The CBB reserves the right to refuse an application for approved person status if it does not satisfy the conditions provided for in Paragraph MIR-3.3.1A and the criteria outlined in Paragraph MIR-3.3.1C. A notice of such refusal is issued by registered mail to the member concerned, setting out the basis for the decision.

        Amended: April 2016
        Adopted January 2010

    • Appeal Process

      • MIR-3.4.6

        Members or the nominated approved persons may, within 30 calendar days of the notification, appeal against the CBB's decision to refuse the application for approved person status. The CBB shall decide on the appeal and notify the member of its decision within 30 calendar days from submitting the appeal.

        Amended: April 2016
        Adopted January 2010

      • MIR-3.4.7

        Where notification of the CBB's decision to grant a person approved person status is not issued within 15 business days from the date of meeting all required conditions and regulatory requirements, including but not limited to, receiving the application complete with all the required information and documents, members or the nominated approved persons may appeal to the Executive Director, Financial Institutions Supervision of the CBB provided that the appeal is justified with supporting documents. The CBB shall decide on the appeal and notify the member of its decision within 30 calendar days from the date of submitting the appeal.

        Amended: April 2016
        Amended: April 2013
        Adopted January 2010

      • MIR-3.4.8

        [This Paragraph was deleted in July 2016].

        Deleted: July 2016
        Amended: April 2016
        Adopted January 2010

      • MIR-3.4.9

        The member shall provide for the composition and duties of the board of directors or any committee of a member after obtaining CBB approval.

        Adopted January 2010

      • MIR-3.4.10

        In this section "committee" includes any committee of directors, audit committee, insider's committee, executive committee, or any committee established by the board for discharging its function.

        Adopted January 2010

    • Notification Requirements and Process

      Contents:

      •    MIR-3.4.11

      • MIR-3.4.11

        The member must immediately notify the CBB, licensed exchange and/or licensed clearing house when an approved person ceases to hold a controlled function together with an explanation as to the reasons why. In such cases, their approved person status is automatically withdrawn by the CBB.

        Amended: April 2016
        Adopted January 2010

      • MIR-3.4.12

        Members must immediately notify the CBB in case of any material change to the information provided in a Form 3 submitted for an approved person

        Added: April 2016