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  • Resolution No. (4) of 1999 Amending Certain Provisions of the Bahrain Stock Exchange's Internal Regulation

    The Minister of Commerce:

    After perusal of Decree Law No. (4) of 1987, pertaining to the establishment and organization of the Bahrain Stock Exchange;
    And Article (166) of the Commercial Companies Law, issued by Decree Law No. (28) of 1975 and its amendments;
    And the Internal Regulation of the Bahrain Stock Exchange, issued by the Minister of Commerce & Agriculture's Resolution No. (13) of 1988;
    And upon the submission of the Director of the Bahrain Stock Exchange;

    RESOLVED AS FOLLOWS:

    • Article One

      As an exception to Article (16) (Secondly) Clause (1) of the Internal Regulation of the Bahrain Stock Exchange, permission may be given to foreign brokerage companies to undertake the business of securities brokerage or market making at the Exchange, provided that the concerned company has distinguished expertise in securities, which will enhance the securities profession at the Exchange, add international dimension to it and contribute towards attracting foreign investors.

      The conditions for the admission of the Bahraini companies in the membership of the Exchange, as stipulated in Article (16) (Secondly) of the Exchange's Internal Regulation shall be applied to foreign brokerage companies, in addition to any other conditions specified by the Exchange's Board of Directors

      As an exception to Article (16) (Firstly) Clause (1) of the Bahrain Stock Exchange's Internal Regulation, permission may be granted to non-Bahrainis who are experienced in the brokerage field to be employed in a licensed brokerage or market making company on the Exchange, and the same conditions stipulated in Article (16) (Firstly) of the Exchange's Internal Regulation for the admission of individual persons, either as a broker or market maker, as well as any other conditions specified by the Exchange's Board of Directors, shall be applied to them.

    • Article Two

      Clauses (12) and (13) of Article (39), and Clause (5) of Article (40) of the Bahrain Stock Exchange's Internal Regulation shall be replaced with the following texts:

      Article (39):

      12. The company shall issue annual financial reports and audited financial accounts, within three months of the company's year-end.
      13. The company's ordinary general assembly shall be held at least once a year, within the three months following the company's financial year-end.

      Article (40):

      4. The company shall issue annual financial reports and audited final accounts within the three months following the company's financial year-end.

    • Article Three

      Clause (13) of the joint stock companies listing agreement and Clause (13) of acceptance of the joint stock companies for trading, as stated in the Exchange's Internal Regulation, shall be replaced with the following texts:

      Listing Agreement of Joint Stock Companies

      14. Issuance of annual financial reports and audited final accounts within three months of the company's financial year-end.

      Acceptance of Joint Stock Companies for Trading Agreement

      13. Issuance of annual financial reports and accounts within three months of the company's financial year-end.

    • Article Four

      The Director of the Bahrain Stock Exchange shall execute this Resolution, which shall come into effect from the date of its publication in the Official Gazette.

      The Minister of Commerce

      Issued on 4 Jamada Al Akhra 1420 H
      Corresponding to 14th September 1999