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 thatmember to contravene the CBB Law, rules and regulations;1. Thebusiness rules of anSRO ; or2. Where applicable, thelisting rules , trading rules, and clearing, settlement and depository rules of anSRO , as the case may be;(b) Has without reasonable excuse, failed to ensure compliance by themember , or aperson associated with thatmember with:1. The CBB Law rules and regulations;2. Thebusiness rules of theSRO , or3. Where applicable, thelisting rules , trading rules, and clearing, settlement and depository rules of theSRO; (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 thatmember shall comply with such notice.Amended: July 2016
Amended: April 2013
Adopted January 2010MIR-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 thelicensed exchange and/orlicensed clearing house , as the case may be.Adopted January 2010MIR-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 themember an opportunity to be heard.Adopted January 2010MIR-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 themember or that particularperson 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; and2. Punishable with imprisonment for a term of 3 months or more.Amended: April 2013
Adopted January 2010