Licensing Process and Timelines
CRA-1.2.11
Articles 44 to 47 of the CBB Law govern the licensing process which stipulate that the CBB will issue its decision within 60 calendar days of an application being deemed complete (i.e. containing all required information and documents). By law, the 60 days' time limit only applies once the application is complete and all required information (which may include any clarifications requested by the CBB) and documents have been provided. This means that all the items specified in Rule CRA-1.2.4 have to be provided, before the CBB may issue a license.
Amended: April 2023
Added: April 2019CRA-1.2.12
The CBB recognises, however, that applicants may find it difficult to secure suitable senior management (refer CRA-1.2.4(b) above) in the absence of preliminary assurances regarding the likelihood of obtaining a license.
Added: April 2019CRA-1.2.13
[This Paragraph was deleted in April 2023].
Deleted: April 2023
Added: April 2019CRA-1.2.14
[This Paragraph was deleted in April 2023].
Deleted: April 2023
Added: April 2019CRA-1.2.15
[This Paragraph was deleted in April 2023].
Deleted: April 2023
Added: April 2019CRA-1.2.16
Therefore, all potential applicants are strongly encouraged to contact the CBB at an early stage to discuss their plans, for guidance on the CBB's license categories and associated requirements. The Licensing Directorate would normally expect to hold at least one pre-application meeting with an applicant, prior to receiving an application.
Amended: April 2023
Added: April 2019CRA-1.2.17
Potential applicants should initiate pre-application meetings in writing, setting out a short summary of their proposed business and any issues or questions that they may have already identified, once they have a clear business proposition in mind and have undertaken their preliminary research. The CBB can then guide the applicant on the specific areas in the Rulebook that will apply to them and the relevant requirements that they must address in their application.
Added: April 2019CRA-1.2.18
An applicant must not hold himself out as having been licensed by the CBB, prior to the issuance of the CBB’s Resolution on granting the license. Failure to do so may constitute grounds for refusing an application and result in a contravention of Article 42 of the CBB Law (which carries a maximum penalty of BD 1 million).
Amended: April 2023
Added: April 2019
