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  • MIR-7.1 MIR-7.1 Business Transfer

    • MIR-7.1.1

      A licensed member shall not transfer all or any part of its business related to regulated activities to others, without prior approval from the CBB.

      Amended: April 2013
      Adopted January 2010

    • MIR-7.1.2

      A licensed member who desires to transfer all or any part of its business referred to in rule MIR-7.1.1, shall make an application to the CBB in Form 5 (Approval for Business Transfer), as well as to the licensed exchange and/or licensed clearing house, as the case may be.

      Amended: April 2013
      Adopted January 2010

    • MIR-7.1.3

      A Transfer of Business application referred to under paragraph MIR-7.1.2, shall be published in the Official Gazette and also in 2 daily newspapers, one in Arabic and one in English in Bahrain. The publication should include a call to the SRO, or any concerned parties to submit any objections to the CBB within 60 days from the date of publication.

      Adopted January 2010

    • MIR-7.1.4

      The CBB shall consider the objections referred to in paragraph MIR-7.1.3 before taking any action on the application for transfer.

      Adopted January 2010

    • MIR-7.1.5

      The following shall apply in order to approve a business transfer application:

      (a) The business, subject of transfer, shall not be prohibited by the CBB;
      (b) The Transfer of Business shall not cause damage to the interests of the member's users and clients;
      (c) The transferee must be licensed to carry out the business in the place to which it is to be transferred;
      (d) The transferee company should fulfil all the eligibility criteria laid down in this Module; and
      (e) The CBB must be satisfied that the Transfer of Business is appropriate under relevant regulations issued in this respect.
      Adopted January 2010

    • MIR-7.1.6

      The CBB shall give its approval to a Transfer of Business if the application satisfies the requirements set in rule MIR-7.1.5. Such approval may be given subject to any conditions deemed appropriate by the CBB.

      Adopted January 2010

    • MIR-7.1.7

      The decision of the CBB on a Transfer of Business shall be published in the Official Gazette as well as in 2 daily newspapers, one in Arabic and one in English in Bahrain. The decision shall be effective from the date set therein.

      Adopted January 2010

    • MIR-7.1.8

      An applicant whose application has been turned down or who faces restrictions regarding the transfer of his business may appeal to a competent court within 30 days from the date of publishing of such decision on the Official Gazette.

      Adopted January 2010