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C4-2.1.10

For the purposes of Paragraph C4-2.1.9 and as per Paragraph C4-1.1.4, the Board is required to appoint at least two senior executives that are resident in Bahrain, one of who is the CEO, but the category 4 investment firm, with the approval of the CBB, may outsource other functions provided the following conditions are met:

(a) The Board and senior management take responsibility for the outsourced activities and maintain oversight and control over the operations of the outsourced service provider;
(b) The licensee satisfies the CBB that adequate arrangements are in place to fulfill the role’s responsibilities;
(c) The core business of asset management is carried out internally although the firm may utilise third-parties for managing the related processes; and
(d) Compliance and AML functions (which may be combined) must have on-site presence (either in-house or on a secondment basis).
Added: January 2022