OFS-3.7 OFS-3.7 Role and Responsibilities of the Paying Agent
OFS-3.7.1
The
paying agent must be licensed by the CBB to undertake this activity.January 2014OFS-3.7.2
For an issue of
debt securities , theissuer must appoint and maintain apaying agent , or where appropriate, acentral depository in Bahrain until all outstanding obligations relating to thosesecurities have been met, unless theissuer itself performs these functions.January 2014OFS-3.7.3
The
paying agent must provide facilities for obtaining newdebt securities , in accordance with the terms and conditions of thedebt securities , to replace thosedebt securities which have been damaged, lost, stolen, or destroyed, and for all other purposes provided for in the terms and conditions of thedebt securities , trust deed and/oroffering documents .January 2014OFS-3.7.4
The
paying agent must undertake responsibility for timely disbursement of funds made available by theissuer or thetrustee , as the case may be, to investors in accordance with the terms of thesecurity and the timelines stipulated by the CBB.January 2014OFS-3.7.5
The
paying agent must notify the CBB immediately when theissuer , originator and/or guarantor delays in meeting any required payments, whether in whole or in part.January 2014OFS-3.7.6
The
paying agent or any other party must not issue a new certificate mentioned under Rule OFS-3.7.3, without mandating the certificate holder to publish in a local newspaper and the market that such certificate has been damaged, lost, stolen, or destroyed. A new certificate may only be issued 15 calendar days from the date of the above mentioned publication date.January 2014