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Location: Central Bank of Bahrain Volume 4—Investment Business > Part A > High Level Standards > HC High-Level Controls Module > HC-6 Management Structure > HC-6.5 Compliance
  • HC-6.5 Compliance

    • HC-6.5.1

      Investment firm licenseesG must take reasonable care to establish and maintain effective systems and controls for compliance with applicable requirements in the Kingdom's legislation and those set by the CBB, and those established under any other statute or regulator to which they are subject.

      January 2011

    • HC-6.5.2

      Depending on the nature, scale and complexity of its business, an investment firmG licenseeG should consider having a separate compliance function. A compliance function should:

      (a) Document its organisation and responsibilities;
      (b) Be appropriately staffed with competent individuals;
      (c) Have unrestricted access to the licensee'sG relevant records; and
      (d) Have ultimate recourse to the Board.
      January 2011

    • HC-6.5.3

      The compliance function may not be combined with the internal audit function or any other operational function as such combination may lead to a conflict of interest.

      Added: April 2011

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