Central Bank of Bahrain Law: Contents
Chapter 2 Procedures to be Taken Before Penalties or Administrative Proceedings are Applied
Article (125) Warning Notice
Prior to imposing any penalties or administrative proceedings upon the Licensee, the Central Bank must deliver to him a written notice containing the following:(a) The violations committed by the Licensee with respect to the provisions of this law, the resolutions and bylaws issued in enforcing thereof, or of the terms and conditions of the License, accompanied by the evidence and proves that convinced the Central Bank that such violation had occurred.(b) The penalty or administrative proceedings intended to be imposed upon the Licensee.(c) The grace period to be allowed for challenging the intended penalty or administrative proceedings, which should not be less than thirty days as from the date of serving the notice.
Article (126) Right of Objection
The Licensee shall have the right to submit a written objection to the contents of the notice served pursuant to Article 125 of this law, within the period specified in the same notice, provided that the objection is duly justified and accompanied by supporting documents, information and data.
Article (127) Decision Notice
The Central Bank must discuss the objection submitted pursuant to Article (126) of this law, and issue the appropriate resolution, provided that such resolution is served to the objector within thirty days of submitting such objection.