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Location: Central Bank of Bahrain Volume 6—Capital Markets > Part A > Institutions > MAE — Markets and Exchanges > MAE-1 Licensing > MAE-1.8 Cancellation or Amendment of License > MAE-1.8.3
  • MAE-1.8 Cancellation or Amendment of License

    • MAE-1.8.1

      The CBB may cancel any license of a personG as a licensed exchangeG or licensed market operatorG if:

      (a) There exists criteria under MAE-1.2 that the licensed exchangeG or licensed market operatorG does not meet and on which grounds the CBB would refuse an application;
      (b) The licensed exchangeG or licensed market operatorG does not commence operating its marketG or, where it operates more than one marketG , all of its marketsG within 6 months from the date on which it was granted the license.
      (c) The licensed exchangeG or licensed market operatorG ceases to operate its marketG or, where it operates more than one marketG , all of its marketsG .
      (d) The licensed exchangeG or licensed market operatorG contravenes:
      (i) Any condition or restriction applicable in respect of its license;
      (ii) Any direction issued to it by the CBB;
      (iii) Any provision in this Module; or
      (iv) Any other CBB law, rule or regulation;
      (e) The licensed exchangeG or licensed market operatorG operates in a manner that is in the opinion of the CBB, contrary to the interests of the public or userG ; and
      (f) Any information or document knowingly or willingly provided by the licensed exchangeG or licensed market operatorG to the CBB is false or misleading.
      Amended: April 2013

    • MAE-1.8.2

      The CBB may not, subject to MAE-1.8.3, cancel any license that was granted to a licensed exchangeG or licensed market operatorG without giving the opportunity to be heard.

    • MAE-1.8.3

      The CBB may cancel a license that was granted to a licensed exchangeG or licensed market operatorG on any of the following grounds without giving an opportunity to be heard:

      (a) The licensed exchangeG or licensed market operatorG is in the course of being wound up or otherwise dissolved, whether in Bahrain or elsewhere;
      (b) A receiver, a receiver and manager, or an equivalent personG has been appointed, whether in Bahrain or elsewhere, in relation to or in respect of any property of the licensed exchangeG or licensed market operatorG ; and
      (c) The licensed exchangeG or licensed market operatorG has been convicted, whether in Bahrain or elsewhere, of an offence involving fraud or dishonesty or the conviction for which involved a finding that it had acted fraudulently or dishonestly.

    • MAE-1.8.4

      For the purposes of Subparagraph MAE-1.8.1(c), a licensed exchangeG or licensed market operatorG shall be deemed to have ceased to operate its marketG if:

      (a) It has ceased to operate the marketG for more than 30 days, unless it has obtained the prior approval of the CBB to do so; or
      (b) It has ceased to operate the marketG under a direction issued by the CBB.
      Amended: July 2016
      Amended: April 2016

    • MAE-1.8.5

      Any cancellation of a license of a licensed exchangeG or licensed market operatorG referred to in Paragraph MAE-1.8.1 shall not operate so as to:

      (a) Avoid or affect any agreement, transaction or arrangement entered into a marketG operated by the corporation, whether the agreement, transaction or arrangement was entered into before or after the revocation of the license; or
      (b) Affect any right, obligation or liability arising under such agreement, transaction or arrangement.

    • MAE-1.8.6

      Where the CBB cancels or amends a license of a licensed exchangeG or licensed market operatorG , notification to the licensed exchangeG and an appeal against such a decision shall be governed by Article 48 of the CBB Law.

      Amended: July 2016

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