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  • CRA-10.3 CRA-10.3 Approval Requirements

    • Change in Name

      • CRA-10.3.1

        Licensees must obtain CBB’s prior written approval for any change in their legal name. Licensees must notify the CBB of any change in their corporate name at least one week prior to effecting the proposed change.

        Amended: January 2022
        Added: April 2019

      • CRA-10.3.2

        The request to change the licensee legal name must include the details of the proposed new name and the date on which the licensee intends to implement the change of name.

        Amended: January 2022
        Added: April 2019

    • Change of Address

      • CRA-10.3.3

        As specified in Article 51 of the CBB Law, a licensee must seek prior written approval from the CBB of a change in the address of the licensee's principal place of business in Bahrain, and that of its branches, if any.

        Amended: April 2023
        Added: April 2019

      • CRA-10.3.4

        The request under Paragraph CRA-10.3.3 must include the details of the proposed new address and the date on which the licensee intends to implement the change of address.

        Added: April 2019

      • CRA-10.3.5

        As specified in Article 51 of the CBB Law, a licensee must seek prior written approval from the CBB where it intends to carry on its business from new premises in Bahrain. This requirement applies whether or not the premises are to be used for the purposes of transacting business with clients, administration of the business or as the head office in Bahrain of the licensee.

        Amended: April 2023
        Added: April 2019

    • Change in Legal Status

      • CRA-10.3.6

        A licensee must seek the CBB’s prior written approval in relation to any change in its legal status that may, in any way, affect its relationship with or limit its liability to its clients.

        Amended: April 2023
        Added: April 2019

    • Change in Authorised or Issued Capital

      • CRA-10.3.7

        As specified in Article 57(a) of the CBB Law, a licensee must seek the CBB’s prior written approval before making any modification to its authorised or issued capital. In the case that a licensee has been granted approval to increase its paid-up capital, confirmation from the external auditor stating that the amount has been deposited in the licensee's bank account or otherwise reflected in the licensee's accounts will subsequently be required.

        Amended: April 2023
        Added: April 2019

    • Client Asset Transfers

      • CRA-10.3.8

        Licensees must seek prior written approval from the CBB before transferring client assets to a third party, in circumstances other than when acting on instructions from the client concerned.

        Amended: April 2023
        Added: April 2019

    • Licensed Regulated Activities

      • CRA-10.3.9

        Licensees wishing to cancel their license must obtain the CBB's written approval, before ceasing their activities. All such requests must be made in writing to the Director, Capital Markets Supervision, setting out in full the reasons for the request and how the business is to be wound up.

        Added: April 2019

      • CRA-10.3.10

        As specified in Article 50 of the CBB Law, a licensee wishing to cease to provide all or any of its licensed regulated crypto-asset services must obtain prior written approval from the CBB.

        Added: April 2019

      • CRA-10.3.11

        Licensees seeking to obtain the CBB's permission to cease business must submit to the CBB a formal request for the appointment of a liquidator acceptable to the CBB.

        Added: April 2019

    • Carrying out Business in Another Jurisdiction

      • CRA-10.3.12

        As specified in Article 51 of the CBB Law, a licensee must seek the CBB’s prior written approval where it intends to undertake business activities in a jurisdiction other than Bahrain. The request for CBB approval must be made at least three months prior to planned commencement date of such business.

        Amended: April 2023
        Added: April 2019

      • CRA-10.3.13

        Paragraph CRA-10.3.12 applies whether or not the licensee is required to be regulated locally in the jurisdiction where it proposes to undertake the business.

        Amended: April 2023
        Added: April 2019

      • CRA-10.3.14

        The CBB will use the information to consider whether or not it should impose additional requirements on the licensee.

        Amended: April 2023
        Added: April 2019

    • Mergers, Acquisitions, Disposals and Establishment of New Subsidiaries

      • CRA-10.3.15

        As specified in Articles 51 and 57 of the CBB Law, a licensee incorporated in Bahrain must seek prior written approval of the CBB where it intends to:

        (a) Enter into a merger with another undertaking;
        (b) Enter into a proposed acquisition, disposal or establishment of a new subsidiary undertaking; or
        (c) Open a new place of business as a subsidiary undertaking, a branch or a representative office within the Kingdom of Bahrain or other jurisdiction.
        Amended: April 2023
        Added: April 2019

      • CRA-10.3.16

        Licensees wishing cease operation of a subsidiary must obtain the CBB’s written approval, before ceasing the activities of the subsidiary.

        Amended: April 2023
        Added: April 2019

    • Outsourcing Arrangements

      • CRA-10.3.17

        [This Paragraph was deleted in April 2023].

        Deleted: April 2023
        Added: April 2019

    • Matters Having a Supervisory Impact

      • CRA-10.3.18

        A licensee must seek prior approval from the CBB for any material changes or proposed changes to the information provided to the CBB in support of an authorisation application that occurs after authorisation has been granted.

        Added: April 2019

      • CRA-10.3.19

        Any licensee that wishes, intends or has been requested to do anything that might contravene, in its reasonable opinion, the provisions of UNSCR 1373 (and in particular Article 1, Paragraphs c) and d) of UNSCR 1373) must seek, in writing, the prior written opinion of the CBB on the matter (ref. AML-9.2.4).

        Added: April 2019

      • CRA-10.3.20

        As specified in Article 57 of the CBB Law, a licensee wishing to modify its Memorandum or Articles of Association, must obtain prior written approval of the CBB.

        Amended: April 2023
        Added: April 2019

      • CRA-10.3.21

        As specified in Article 57 of the CBB Law, a licensee wishing to transfer all or a major part of its assets or liabilities inside or outside the Kingdom, must obtain prior written approval from the CBB.

        Added: April 2019

    • Dividend Distribution

      • CRA-10.3.22

        [This Paragraph was deleted in April 2023].

        Deleted: April 2023
        Added: April 2019

    • External Auditor

      • CRA-10.3.23

        [This Paragraph was deleted in April 2023].

        Deleted: April 2023
        Added: April 2019

    • Approved Persons

      • CRA-10.3.24

        [This Paragraph was deleted in April 2023].

        Deleted: April 2023
        Added: April 2019

      • CRA-10.3.25

        [This Paragraph was deleted in April 2023].

        Deleted: April 2023
        Added: April 2019

      • CRA-10.3.26

        [This Paragraph was deleted in April 2023].

        Deleted: April 2023
        Added: April 2019

    • Withdrawals

      • CRA-10.3.27

        No funds may be withdrawn by shareholders from the licensee without the necessary prior written approval of the CBB.

        Added: April 2019