OFS-3.10 OFS-3.10 Role and Responsibilities of the Receiving Bank
OFS-3.10.1
A
receiving bank must be licensed or otherwise authorised by the CBB.January 2014OFS-3.10.2
For any offering made in or from Bahrain (
overseas issuers ), co-receiving banks may be exempted from the requirements under Rule OFS-3.10.1.January 2014OFS-3.10.3
The
issuer , lead manager, and thereceiving bank must designate a separate bank account for each issue ofsecurities . The name(s) of the designated bank(s) must be provided in detail in theoffering document .January 2014OFS-3.10.4
The
receiving bank must notify the CBB immediately upon its appointment and must receive the CBB's approval before entering into an agreement or contract with theissuer or lead manager.January 2014OFS-3.10.5
The
receiving bank must not activate the designated bank account or receive any payment from the subscribers other than during the date, time and working hours stipulated in theprospectus oroffering document . Where there is a change, amendment or alteration to the date, time or working hours, a copy of the CBB's prior approval issued separately to this extent must be received in advance by thereceiving bank before implementing such change or alteration.January 2014OFS-3.10.6
The
receiving bank must not activate the subscription bank account, or accept any subscription form or payment, or continue to accept receiving such forms and payment without ensuring that for each application and payment a final printed copy of theoffering document was made available to the subscriber.January 2014OFS-3.10.7
The
receiving bank is responsible for the accuracy and completeness of all information provided in the subscription form in accordance with the Know Your Client requirements under Module AML or other relevant standard and has the authority to reject any form which is not complete or which contains inaccurate information. Thereceiving bank in cooperation and coordination with theissuer or lead manager is responsible for the avoidance of any duplicate applications for the same beneficiary (subscriber).January 2014OFS-3.10.8
The
receiving bank must adhere to the laws, rules and regulations related to anti-money laundering and financial crime.January 2014OFS-3.10.9
The
receiving bank must not transfer the issue's total proceeds in whole or part to the Board of Directors of theissuer , without receiving the CBB's approval on theallotment and thereceiving bank is required to notify and provide the CBB with a bank certificate or transfer notice upon the transfer of such proceeds.January 2014OFS-3.10.10
The
receiving bank must not charge the subscriber for any additional costs, fees, or charges other than those costs, fees, or charges stipulated in theoffering document . Such costs, fees, or charges must be provided and displayed for the subscribers in a clear and readable place in theoffering document .January 2014OFS-3.10.11
The
receiving bank must be responsible for meeting the refunding and dispatching deadline with respect to the subscription money and shall ensure that all required arrangements are in place before entering into an agreement or contract with theissuer or lead manager.January 2014OFS-3.10.12
Where the refunding and dispatching deadline could not be met due to negligence or without prior approval of the CBB, the
receiving bank , jointly with theissuer and lead manager, is liable to pay to the subscriber interest or penalty on the subscription money equal to BIBOR for any day or part thereof after the deadline.January 2014OFS-3.10.13
Receiving banks should lay down technical infrastructure and other arrangements for promoting the electronic subscription and receipt of moneys (e-subscription) in Bahrain.January 2014