• LDR-2.1 LDR-2.1 CBB Revocation of Authorisation Powers

    • LDR-2.1.1

      The CBB may revoke authorisation of a Bahrain domiciled CIU in the following cases:

      (a) If the CIU is not in operation within 6 months from the date of its authorisation (Refer to Module ARR);
      (b) If any of the applicable requirements contained in Volume 7 are not met;
      (c) If false or misleading information has been provided to the CBB, or significant information which should have been provided to the CBB has not been so provided; or
      (d) If the CBB believes it necessary in order to safeguard the interests of potential investors or the CIU's participants.
      April 2012

    • LDR-2.1.2

      An authorisation may be revoked by the CBB, subsequent to the ruling of a competent authority, such as a court that has issued an order to liquidate the CIU.

      April 2012

    • LDR-2.1.3

      In the case that the CIU did not operate within 6 months from the date of its authorisation, the CIU must return back any monies collected from potential CIU participants together with all subscription fees charged, and confirm the same in writing to the CBB.

      April 2012

    • LDR-2.1.4

      Where the CBB proposes to cancel a CIU's authorisation, it will give the CIU concerned a written notice of its intention to do so and the reasons for such action. The CIU has 30 calendar days from the date of the written notice to appeal the decision.

      April 2012