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  • Cancellation of Authorisation and Power of CBB to Remove Approved Person

    • MAE-5.3.23

      Where the CBB is satisfied that an approved person:

      (a) Has wilfully contravened or wilfully caused that licensed exchange to contravene the CBB Law, rules and regulations;
      (b) Has without reasonable excuse, failed to ensure compliance by the licensed exchange, or a person associated with that licensee with 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 the approved person from his office or employment, and that licensee shall comply with such notice.

      Added: April 2013

    • MAE-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 paragraph MAE-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 the licensed exchange and/or licensed clearing house, as the case may be.

      Added: April 2013

    • MAE-5.3.25

      Subject to Paragraph MAE-5.3.26, the CBB shall not direct a licensee to remove an approved person from his office or employment without giving the approved person an opportunity to be heard.

      Added: April 2013

    • MAE-5.3.26

      The CBB may direct a licensee to remove an approved person from his office or employment under Paragraph MAE-5.3.23 on any of the following grounds, without giving the approved person an opportunity to be heard:

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