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  • Issue of No Objection by the CBB

    • OFS-4.2.3

      The CBB will notify an applicant of its decision in writing within 15 business days of the receipt of the offering of securities application, complete in all respects and complying with the provisions of this Module. If permission is granted, it may be conditional or unconditional.

      January 2014

    • OFS-4.2.4

      The CBB may refuse an application on any ground, including but not limited to the following conditions:

      (a) The requirements of the CBB Law and Rulebook Volume 6 are not met comprehensively;
      (b) The issuer, the lead manager or other appointed advisors do not meet the requirements of this Module;
      (c) False or misleading information has been provided to the CBB or to another regulator of the issuer or in the offering documents;
      (d) Information otherwise specified by the CBB has not been provided;
      (e) If the offer is associated with a listing on a licensed exchange, the CBB may consider that admission to listing of the securities may be detrimental to the fair, orderly and efficient operation of the Bahraini securities market or to the reputation of CBB;
      (f) A security is already admitted to listing on another market and the issuer is in breach of listing rules or other relevant regulations; or
      (g) The CBB believes it is necessary to refuse permission in order to safeguard the interests of potential investors.
      January 2014

    • OFS-4.2.5

      A notification under Paragraph OFS-4.2.4 will set out:

      (a) Grounds for proposed refusal, and
      (b) The rights of the applicant to appeal the CBB's decision.
      January 2014

    • OFS-4.2.6

      The applicant is allowed to make representation to the CBB within 30 calendar days of the receipt of a notification under Paragraph OFS-4.2.5. The applicant can undertake this through the lead manager to clarify any grounds set out in the notification. The CBB will consider any such representations before issuing a final decision.

      January 2014

    • OFS-4.2.7

      The CBB will make a decision which is final within 30 calendar days of receiving the representation under Paragraph OFS-4.2.6.

      January 2014