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  • OFS-1.13 OFS-1.13 Eligibility for State Corporations to Issue Securities

    • OFS-1.13.1

      The accountants' report in relation to an issuing of debt securities issued by a state corporation incorporated or otherwise established in Bahrain is not required. In such case, the latest audited financial statements, which must relate to a financial period ended not more than 15 months before the date the document is issued, must be included in or appended to the issuing and offering document.

      January 2014

    • OFS-1.13.2

      The issuance of securities issued by a state corporation incorporated or otherwise established outside Bahrain, where the latest financial period reported on by the external auditor exceeds 15 months before the date of the issuing document, requires reviewed interim financial statements relating to a period ended not more than 9 months before the date of the issuing and offering document, and appropriate evidence must be given to the CBB that there has been no material adverse change in the financial condition of the issuer or the guarantor, in the case of a guaranteed issue since the end of the period last reported on by the external auditor.

      January 2014

    • OFS-1.13.3

      The requirement of submission of the following documents does not apply to the securities issued by a state corporation:

      (a) Certificate of incorporation or equivalent document of the issuer and guarantor, in the case of a guaranteed issue;
      (b) Certificate entitling the issuer and the guarantor, in the case of guaranteed issue, to commence business; and
      (c) Notice(s) of shareholders meeting.
      January 2014