FP-1.5.1
Licensees may adopt shared responsibility structures (senior managers undertaking more than one function within the licensee’s organisation or within the group) subject to the following considerations:
(a) The responsibilities, scope of authority and reporting lines for each senior manager function are clearly specified;
(b) There is no conflict of interest inherent in or arising from simultaneously performing such functions;
(c) Appropriate systems and controls are in place to manage the risks associated with the licensee’s offerings or transactions in Bahrain;
(d) The licensee’s operations in Bahrain are not adversely impacted due to the shared responsibility structure, for example, there is:
i. No impact on effective oversight of delegates and operations in Bahrain;
ii. No material impact on, or compromise of the interests of, customers in Bahrain;
iii. No disruption to the licensee’s day-to-day business or activities; and
iv. No impairment in ability of the licensee to continue complying with the applicable laws, regulatory requirements, or codes of conduct, whether in Bahrain or elsewhere.
Added: March 2025