MIR-4.6 MIR-4.6 Obligation to Maintain Proper Records
MIR-4.6.1
The
member must maintain comprehensive books of accounts and other records, which must be available for inspection within the Kingdom of Bahrain by the CBB, orpersons appointed by the CBB, at any time.Members must comply with the minimum record keeping requirements contained in the rulebook of theSRO and must comply with IAS (and relevant AAOIFI) standards.Adopted January 2010MIR-4.6.2
Every
member shall ensure that all relevant books and other information, as may be required by the CBB and/orSRO for the purposes of this Module, be kept for a minimum of 10 years.Adopted January 2010MIR-4.6.3
The
members must prepare their financial statements and accounts in accordance with the international accounts standards committee requirements and IFRS for the whole financial year, as well as for the interim financial statements, which are required to be audited by an external independent auditor in accordance with the international auditing standards.Adopted January 2010MIR-4.6.4
The
members must prepare and submit quarterly prudential returns to be reviewed by themember's auditor before being submitted to the CBB.Adopted January 2010MIR-4.6.5
The
members are required to submit the quarterly prudential returns (QPR) in the due timeframe. Themembers may apply in writing to the CBB for exemption from the requirements that the QPR be reviewed by themember's external auditor. This exemption would normally only be given where themember has established a track record of accurate and timely reporting, and there were no other supervisory issues of concern.Adopted January 2010MIR-4.6.6
The CBB may, without prejudice to Articles 37, 38, 89, 92, 94 and 95 of the CBB Law make regulations or issue circulars, directives, or notices in writing in respect of all or any of the matters, including the establishment and maintenance of such books for the handling of money or other assets of the
member , for theirclients .Adopted January 2010
