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Location: Central Bank of Bahrain Volume 6—Capital Markets > Part A > Institutions > CSD — Clearing, Settlement and Depository > CSD-1 Establishment of Clearing House and Central Depository Facilities > CSD-1.3 Withdrawal of License or Cessation of Business > Voluntary Surrender > CSD-1.3.2
  • Voluntary Surrender

    • CSD-1.3.1

      A clearing houseG or central depositoryG which intends to cease operating must apply to the CBB to surrender its license.

    • CSD-1.3.2

      Any objections received from any user, member or depository participant of the clearing houseG or central depositoryG shall be considered by the CBB prior to issuing its consent for the surrender of license or cessation of business of the licenseeG .

    • CSD-1.3.3

      The CBB may, subject to paragraph CSD-1.3.2, cancel the licenseG if it is satisfied that the licensed clearing houseG or licensed central depositoryG has ceased operating and that there are no pending obligations of the licensed clearing houseG or licensed central depositoryG or contracts traded.

      Amended: July 2016
      Amended: April 2016

    • CSD-1.3.4

      The licensed clearing houseG or licensed central depositoryG shall publish a notice of its intention to cease to operate its market in 2 daily newspapers, one in Arabic and the other in English, in Bahrain.

      Amended: April 2016

    • CSD-1.3.5

      The notice referred to in rule CSD-1.3.4 shall be subject to the approval of the CBB and shall be published at least 60 days prior to the cessation taking effect.

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