• 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