Cancellation of Authorisation and Power of CBB to Remove Approved Person
CSD-5.3.23
Where the CBB is satisfied that an
approved person :(a) Has wilfully contravened or wilfully caused thatlicensee to contravene the CBB Law, rules and regulations;(b) Has without reasonable excuse, failed to ensure compliance by thelicensee , or aperson associated with thatlicensee with:1. The CBB Law rules and regulations;(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
licensee remove theapproved person from his office or employment, and thatlicensee shall comply with such notice.Added: April 2013CSD-5.3.24
Without prejudice to any other matter that the CBB may consider relevant, the CBB may in determining whether an
approved person has failed to discharge the duties or functions of his office or employment for the purposes of Subparagraph CSD-5.3.23 (c), have regard to such criteria as the CBB may prescribe or specify in directions issued by notice in writing, after consultation with thelicensed clearing house or orlicensed central depository , as the case may be.Amended: April 2016
Added: April 2013CSD-5.3.25
Subject to Paragraph CSD-5.3.26, the CBB shall not direct a
licensee to remove anapproved person from his office or employment without giving theapproved person an opportunity to be heard.Added: April 2013CSD-5.3.26
The CBB may direct a
licensee to remove anapproved person from his office or employment under Paragraph CSD-5.3.23 on any of the following grounds, without giving theapproved person an opportunity to be heard:(a) Theapproved person is an undischarged bankrupt whether in Bahrain or elsewhere;(b) Theapproved person 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.Added: April 2013