‹ MAE-1.1.1 MAE-1.1.3 › MAE-1.1.2 No person in the Kingdom of Bahrain shall hold himself out: (a) As a licensed exchange unless he is a licensed exchange; or (b) As a licensed market operator unless he is a licensed market operator. ‹ MAE-1.1.1 MAE-1.1.3 ›