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  • MIR-2.1 MIR-2.1 Licensing Requirements

    • MIR-2.1.1

      No person shall undertake any of the regulated activities under section MIR-1.1, or hold himself out as undertaking any regulated activities through a licensed exchange or licensed clearing house in or from Bahrain, unless the person is licensed by the CBB and accepted as a member of an SRO.

      Amended: April 2013
      Adopted January 2010

    • MIR-2.1.2

      A person will be deemed to be undertaking business within or from Bahrain, if for example:

      (a) Such person is incorporated in Bahrain;
      (b) Such person uses an address situated in Bahrain for the correspondence;
      (c) Such person directly solicites clients who are resident within Bahrain; or
      (d) Such person utilises the services of a licensed exchange and/or licensed clearing house.
      Amended: April 2013
      Adopted January 2010

    • MIR-2.1.3

      Without prejudice to the generality of Article (89) of the CBB Law, no person other than a licensed member shall use, in any language a word or expression which may reasonably be understood to mean that such person is a licensed member, or is carrying out a regulated activity unless he is a licensed person.

      Amended: April 2013
      Adopted January 2010

    • MIR-2.1.4

      Except with the written approval of the CBB, no person other than a licensed member shall take or use, or have attached to or exhibited at any place:

      (a) The title or description "licensed member" in any language; or
      (b) Any title or description which resembles a title or description referred to in (a).
      Amended: April 2013
      Adopted January 2010

    • MIR-2.1.4A

      No person may market any financial services in the Kingdom of Bahrain unless:

      (a) Allowed to do by the terms of a license issued by the CBB;
      (b) The activities come within the terms of an exemption granted by the CBB by way of a Directive; or
      (c) Has obtained the express written permission of the CBB to offer financial services.
      Added: April 2013

    • MIR-2.1.4B

      In accordance with Resolution No.(16) for the year 2012 and for the purpose of Paragraph MIR-2.1.4A, the word 'market' refers to any promotion, offering, announcement, advertising, broadcast or any other means of communication made for the purpose of inducing recipients to purchase or otherwise acquire financial services in return for monetary payment or some other form of valuable consideration.

      Added: April 2013

    • MIR-2.1.4C

      Persons in breach of Paragraph MIR-2.1.4A are considered in breach of Resolution No.(16) for the year 2012 and could be subject to penalties under Articles 129 and 161 of the CBB Law.

      Added: April 2013

    • MIR-2.1.5

      Where a person is licensed under Volumes 1 or 2, then a separate license under Volume 6 is not required in order to undertake regulated activities of the kind specified under section MIR-1.1. Such person shall obtain the membership of the SRO before undertaking such regulated activities.

      Amended: April 2013
      Adopted January 2010

    • MIR-2.1.6

      Where a person is licensed under Volume 4 to undertake regulated activities of the kind specified under section MIR-1.1, such license shall be regarded as being given under this Module of Volume 6 and the licensee shall abide by this Module and Volume 6 in respect of its undertaking of the above regulated activities.

      Amended: July 2016
      Adopted January 2010

    • MIR-2.1.7

      Depending on the type of regulated activities that a person wishes to undertake, an applicant must seek to be licensed under different licensing categories as stipulated under Paragraph MIR-2.2.4.

      Amended: July 2016
      Amended: April 2013
      Adopted January 2010