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CSD-5.3.6

The CBB may refuse an application for approval on any of the following grounds without giving the licensed clearing house or central depository an opportunity to be heard:

(a) The person is an undischarged bankrupt, whether in Bahrain or elsewhere; or
(b) The person has been convicted, whether in Bahrain or elsewhere, of an offence:
(i) Involving fraud or dishonesty, or the conviction for which involved a finding that he had acted fraudulently or dishonestly; or
(ii) Punishable with imprisonment for a term of 3 months or more.