CA-2.1.6
Tier 1 capital elements included under Paragraph CA-2.1.5(a) to (c) can only be so included if:
(a) They are issued by the investment firm licensee ;
(b) They are fully paid (only that portion of the shares for which payment has been received may be included);
(c) They:
(i) Cannot be redeemed or can only be redeemed on a winding up of the investment firm licensee ; or
(ii) They are only redeemable at the option of the investment firm licensee and comply with any conditions applicable to joint stock companies in Bahrain;
(d) Any coupon is non-cumulative, and can only be paid out of accumulated realised profits;
(e) They are able to absorb losses;
(f) They rank for repayment, upon winding up, no higher than a share of a company incorporated under the Joint Stock companies law of Bahrain; and
(g) The proceeds of the issue are immediately and fully available to the investment firm licensee .
Amended: January 2007