• MIR-3.6 MIR-3.6 Cancellation of Authorisation and Power of CBB to Remove Approved Person

    • MIR-3.6.1

      Where the CBB is satisfied that an approved person:

      (a) Has wilfully contravened or wilfully caused that member to contravene the CBB Law, rules and regulations;
      1. The business rules of an SRO; or
      2. Where applicable, the listing rules, trading rules, and clearing, settlement and depository rules of an SRO, as the case may be;
      (b) Has without reasonable excuse, failed to ensure compliance by the member, or a person associated with that member with:
      1. The CBB Law rules and regulations;
      2. The business rules of the SRO, or
      3. Where applicable, the listing rules, trading rules, and clearing, settlement and depository rules of the SRO;
      (c) Has failed to discharge the duties or functions of his office or employment;
      (d) Is an undischarged bankrupt, whether in Bahrain or elsewhere;
      (e) Has been convicted whether in Bahrain or elsewhere, of an offence involving fraud or dishonesty or the conviction for which involved a finding that he had acted fraudulently or dishonestly;

      the CBB may if it thinks it is necessary in the interests of or for the protection of investors, by notice in writing direct that a member remove the officer from his office or employment, and that member shall comply with such notice.

      Amended: July 2016
      Amended: April 2013
      Adopted January 2010

    • MIR-3.6.2

      Without prejudice to any other matter that the CBB may consider relevant, the CBB may in determining whether an officer of a member has failed to discharge the duties or functions of his office or employment for the purposes of paragraph MIR-3.6.1 (c), have regard to such criteria as the CBB may prescribe or specify in directions issued by notice in writing, after consultation with the licensed exchange and/or licensed clearing house, as the case may be.

      Adopted January 2010

    • MIR-3.6.3

      Subject to paragraph MIR-3.6.4, the CBB shall not direct a member to remove an officer from his office or employment without giving the member an opportunity to be heard.

      Adopted January 2010

    • MIR-3.6.4

      The CBB may direct a member to remove an officer from his office or employment under paragraph MIR-3.6.1 on any of the following grounds, without giving the member or that particular person an opportunity to be heard:

      (a) The officer is an undischarged bankrupt whether in Bahrain or elsewhere;
      (b) The officer has been convicted whether in Bahrain or elsewhere, of an offence:
      1. Involving fraud or dishonesty, or the conviction for which involved a finding that he had acted fraudulently or dishonestly; and
      2. Punishable with imprisonment for a term of 3 months or more.
      Amended: April 2013
      Adopted January 2010