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3. Applications Authorisation, Approval, and Revocation

A. Every institution shall submit a written application, in form and substance satisfactory to the Agency, to obtain (i) its authorisation to establish and/or market a scheme in/from Bahrain (and, in the case of an institution incorporated in Bahrain, to establish and/or market a scheme outside of Bahrain) and (ii) (in each case) its approval for the particulars of the scheme itself.
B. The Agency may, in its discretion and having consulted with other relevant authorities, either authorise and approve (with or without conditions), or refuse its authorisation and approval for such scheme.
C. Every institution shall obtain the Agency's prior approval to any material changes in the terms and conditions and other features of a scheme originally authorised and approved under this Regulation.
D. In addition to the general authorisation and approval referred, the Agency's prior express written approval must be obtained as to (i) the identity of any persons involved in the management and operation of a scheme (who shall, in all cases, and unless the Agency otherwise permits, be separate and independent of each other) and (ii) the form and content of all documentation relevant to a scheme.
E. The Agency may, in whole or in part, revoke or impose conditions upon any authorisation and approval given hereunder.
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