MIR-4.2.1

A licensed member shall, as soon as practicable after the occurrence of any of the following circumstances, notify the CBB of the circumstance:

(a) Any material change to the information in its application under rule MIR-2.2.10;
(b) The carrying on of any business other than:
1. The business of undertaking a regulated activity;
2. A business incidental to undertaking a regulated activity;
(c) The acquisition of a substantial shareholding in a corporation which does not carry on:
1. The business of undertaking a regulated activity, whether in Bahrain or elsewhere;
2. A business incidental to undertaking a regulated activity, whether in Bahrain or elsewhere;
3. Such business or class of businesses as the CBB may allow;
(d) It becoming aware of a financial irregularity or other matter which in its opinion:
1. May affect its ability to discharge its financial obligations towards its clients; or
2. May affect the ability to meet its financial obligations to an SRO, as the case may be;
3. May affect its ability to meet the minimum working capital requirement;
(e) Where it reprimands, suspends, dismisses or otherwise takes disciplinary action against any persons performing controlled functions or where such persons are subject to an order or petition of bankruptcy or criminal prosecution;
(f) Any civil or criminal legal proceeding taken against the member or any person performing a controlled function, whether in Bahrain or elsewhere;
(g) Any disciplinary action against the member or any person performing a controlled function taken by any regulatory body, whether in Bahrain or elsewhere, other than the CBB;
(h) Any significant change to the regulatory requirements imposed by any regulatory body other than the CBB, whether in Bahrain or elsewhere;
(i) Any arrangements or involvement related to take-overs, mergers or acquisitions;
(j) Involvement or possible involvement of any of its clients in insider transactions or dealings;
(k) Failure of any of its clients to comply with the disclosure standards requirements and adhering to the ownership rules in particular;
(l) A failure to adhere to the trading days, hours or sessions and settlement period of an SRO, as the case may be;
(m) Any other matter that is required to be notified, that the CBB or SRO may specify by notice in writing.
Amended: April 2013
Adopted January 2010