Part 13 Part 13 Transitional Provisions
Article (183) Replacing Bahrain Monetary Agency by the Central Banka. The Central Bank shall replace the Bahrain Monetary Agency in its rights and obligations. The existing Board of the Bahrain Monetary Agency, at the effective date of this law, shall continue in practicing its authorities until such time as a new Council is formed in accordance with the provisions of this law.b. Banknotes and coins issued by the Bahrain Monetary Agency shall retain their discharging force of the full amount of their face value within the limits stated in Article (14) of this law.
Article (184) Approval of Licensees
Licenses granted by the Bahrain Monetary Agency, Bahrain Stock Exchange and the Ministry of Commerce to financial institutions prior to the date wherein this law came into effect, shall be valid. This holds true to registration of entities registered, pursuant to the provisions of Decree Law No.17/1987 with respect to Insurance Companies and Corporations, prior to the date wherein this law came into effect, provided that such Licenses or registration of such persons are valid at the effective date of this law.
Article (185) Correction of Positions
Any person who, at the effective date of this law, provides any of the Regulated Services, other than the persons and organizations referred to in the preceding Article, shall promptly correct his position in accordance with the provisions of this law within six moths of the date in which this law came into effect.
Article (186) The Bahrain Stock Exchange
The Bahrain Stock Exchange established and regulated by Decree Law No.4/1987 shall be treated as if it is licensed under this law.
Article (187) Securities
Securities issued prior to the enforcement of this law shall hold valid; likewise, shall be considered as valid, the Securities registered on the Bahrain Stock Exchange at the time when this law came into effect.
Article (188) Deposit Protection Scheme
The Deposits Protection Scheme in place at the effective date of this law shall continue to be in force until it is amended or repealed pursuant to the provisions of this Law.