CSD-6.4.1

The CBB may, if it thinks it necessary in the interests of the public, or a section of the public, or for the protection of investors, by notice in writing direct that licensed clearing house or licensed central depository to remove the officer from his office or employment, where the CBB is satisfied that an officer of a licensed clearing house or licensed central depository:

(a) Has wilfully contravened or wilfully caused that licensed clearing house or licensed central depository to contravene this Module or its business rules;
(b) Has, without reasonable excuse, failed to ensure compliance with this Module or the business rules of that licensed clearing house or licensed central depository, by that licensed clearing house or licensed central depository, or a member of that licensed clearing house or licensed central depository or a person associated with that member;
(c) Has failed to discharge the duties or functions of his office or employment;
(d) Is an undischarged bankrupt, whether in Bahrain or elsewhere;
(e) Has had execution against him in respect of a judgment debt returned unsatisfied in whole or in part;
(f) Has, whether in Bahrain or elsewhere, made a compromise or scheme of arrangement with his creditors, being a compromise or scheme of arrangement that is still in operation; or
(g) Has been convicted, whether in Bahrain or elsewhere, of an offence involving fraud or dishonesty, or the conviction for which involved a finding that he had acted fraudulently or dishonestly.
Amended: April 2016