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Location: Central Bank of Bahrain Volume 6—Capital Markets > Part A > Institutions > MAE — Markets and Exchanges > MAE-8 General Powers of the CBB > MAE-8.1 Power of CBB to Remove Officers > MAE-8.1.1
  • MAE-8.1 Power of CBB to Remove Officers

    • MAE-8.1.1

      Where the CBB is satisfied that an officer of a licensed exchangeG or licensed market operatorG :

      (a) Has wilfully contravened or wilfully caused that licensed exchangeG or licensed market operatorG to contravene:
      (i) The CBB Law or Module MAE;
      (ii) Where applicable, its business rulesG ; or
      (iii) Where applicable, its listing rulesG ;
      (b) Has without reasonable excuse, failed to ensure compliance by that licensed exchangeG or licensed market operatorG , a memberG of that licensed exchangeG or licensed market operatorG , or a personG associated with that memberG with:
      (i) The CBB Law or Module MAE;
      (ii) Where applicable the business rulesG of that licensed exchangeG or licensed market operatorG ; or
      (iii) Where applicable, the listing rulesG of that licensed exchangeG or licensed market operatorG ;
      (c) Has failed to discharge the duties or functions of his office or employment;
      (d) Is an undischarged bankrupt, whether in Bahrain or elsewhere;
      (e) Has had execution against him in respect of a judgement debt returned unsatisfied in whole or in part;
      (f) Has whether in Bahrain or elsewhere, made a compromise or scheme of arrangement with his creditors, being a compromise or scheme of arrangement that is still in operation; or
      (g) Has been convicted whether in Bahrain or elsewhere, of an offence involving fraud or dishonesty or the conviction for which involved a finding that he had acted fraudulently or dishonestly;

      the CBB may if it thinks it is necessary in the interests of the public or a section of the public, or for the protection of investors, by notice in writing direct that a licensed exchangeG or licensed market operatorG remove the officer from his office or employment, and that licensed exchangeG or licensed market operatorG shall comply with such notice.

      Amended: April 2016
      Amended: April 2013

    • MAE-8.1.2

      Without prejudice to any other matter that the CBB may consider relevant, the CBB may in determining whether an officer of a licensed exchangeG or licensed market operatorG has failed to discharge the duties or functions of his office or employment for the purposes of Paragraph MAE-8.1.1 (c), have regard to such criteria as the CBB may prescribe or specify in directions issued by notice in writing.

    • MAE-8.1.3

      Subject to Paragraph MAE-8.1.4, the CBB shall not direct a licensed exchangeG or licensed market operatorG to remove an officer from his office or employment without giving the licensed exchangeG or licensed market operatorG an opportunity to be heard.

    • MAE-8.1.4

      The CBB may direct a licensed exchangeG or licensed market operatorG to remove an officer from his office or employment under Paragraph MAE-8.1.1 on any of the following grounds without giving the licensed exchangeG or licensed market operatorG an opportunity to be heard:

      (a) The officer is an undischarged bankrupt whether in Bahrain or elsewhere; or
      (b) The officer has been convicted whether in Bahrain or elsewhere, of an offence:
      (i) Involving fraud or dishonesty or the conviction for which involved a finding that he had acted fraudulently or dishonestly; and
      (ii) Punishable with imprisonment for a term of 3 months or more.
      Amended: April 2016
      Amended: April 2013

    • MAE-8.1.5

      Where the CBB directs a licensed exchangeG or licensed market operatorG to remove an officer from his office or employment under Paragraph MAE-8.1.4, the CBB need not give that officer an opportunity to be heard.

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