Central Bank of Bahrain Law: Contents

Central Bank of Bahrain and Financial Institutions Law 2006
Central Bank of Bahrain and Financial Institutions Law 2006 (English)
Central Bank of Bahrain and Financial Institutions Law
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Location: Central Bank of Bahrain and Financial Institutions Law 2006 > Central Bank of Bahrain and Financial Institutions Law 2006 (English) > Central Bank of Bahrain and Financial Institutions Law > Part 9 Investigations and Administrative Proceedings > Chapter 3 Penalties and Administrative Proceedings > Article (129) Imposing Administrative Fines
  • Chapter 3 Penalties and Administrative Proceedings

    • Article (128) Imposing Restrictions

      With regards to the provision of paragraph (c) of Article (48) of this law, the central bank may impose upon the Licensees and the listed companies restrictions to secure the compliance by the provisions of this law and the regulations and resolutions issued in implementing thereof, along with the terms and conditions of the License. This shall take place in case of violating such provisions and terms and conditions, or it appears, due to significant evidences and indicators, that such violations have most likely occurred.

    • Article (129) Imposing Administrative Fines

      Without prejudice to any criminal or civil liability of the Licensee, the Central Bank may levy upon the Licensee an administrative fine not exceeding twenty thousand (20,000) Bahraini Dinars, if the Licensee breeches the provisions of this law or the regulations and resolutions issued in connection with implementing thereof or by reason of breeching the terms and conditions of the license.

    • Article (130) Administrative Proceedings

      If imposing administrative restrictions upon the Licensee, with respect to the cases stated in Article (128) of this law, proves to be futile, then the central Bank may take any of the following measures:

      (1) Appointing an observer member on the board of directors of the Licensee for a period specified by the Central Bank. Such a member shall have the authority to participate in the deliberations of the board of directors and to give opinions on any resolutions passed by the board.
      (2) Placing the Licensee under administration pursuant to the provisions of chapter 2 of part 10 of this law.

    • Article (131) Suspension of the Licensee from Providing the Service

      Without prejudice to any of the provisions of this chapter, the Central Bank may suspend the Licensee who contravenes any of the provisions of this law, the regulations and bylaws issued in connection with implementing thereof, or the terms and conditions of the license, from carrying out any Regulated Services as may be specified for a period or periods as may be specified by the Central Bank. Provided that the total period or periods of such suspensions shall not exceed twelve months.

    • Article (132) Public Censure

      The central bank may issue a public statement on such breach that occurred to the provisions of this decree or the regulations and by laws issued in implementing thereof, whether this breach is committed by the Licensee, the listed company or any official of both. The publication should be carried out in a manner proportionate to the nature and the magnitude of the violation.

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