‹ MAE-1.1 Requirement to be Licensed MAE-1.1.2 › MAE-1.1.1 No person shall establish or operate a market, or hold himself out as operating a market in or from the Kingdom of Bahrain, unless the person is: (a) A licensed exchange; (b) A licensed market operator; or (c) An exempt exchange or market operator. Amended: April 2016 ‹ MAE-1.1 Requirement to be Licensed MAE-1.1.2 ›