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  • EN-2.4 The Required Report

    [The Rules and guidance in this Section were moved to Section BR-3.5 for money changers and administrators and Module GR for Representative offices in April 2012]

    • EN-2.4.1

      Effective from Oct 1 2010 - Mar 31 2012.

      The scope of the required report will be determined and detailed by the CBB in the appointment letter. Commissioned Appointed Experts will normally be required to report on one or more of the following aspects of a licensee's business:

      a) Accounting and other records;
      b) Internal control systems;
      c) Returns of information provided to the CBB;
      d) Operations of certain departments; and/or
      e) Other matters specified by the CBB.
      October 2010

    • EN-2.4.2

      Effective from Oct 1 2010 - Mar 31 2012.

      Appointed Experts will be required to form an opinion on whether, during the period examined, the licensee is in compliance with the relevant provisions of the CBB Law and the CBB's relevant requirements, as well as other requirements of Bahrain Law and, where relevant, industry best practice locally and/or internationally.

      October 2010

    • EN-2.4.3

      Effective from Oct 1 2010 - Mar 31 2012.

      The Appointed Experts report should follow the format set out in Appendix EN-1 in Part B of Rulebook Volume 4.

      October 2010

    • EN-2.4.4

      Effective from Oct 1 2010 - Mar 31 2012.

      Unless otherwise directed by the CBB, the report must be discussed with the Board of Directors and/or senior management in advance of it being sent to the CBB.

      October 2010

    • EN-2.4.5

      Effective from Oct 1 2010 - Mar 31 2012.

      Where the report is qualified by exception, the report must clearly set out the risks which the licensee runs by not correcting the weakness, with an indication of the severity of the weakness, should it not be corrected. Appointed Experts will be expected to report on the type, nature and extent of any weaknesses found during their work, as well as the implications of a failure to address and resolve such weaknesses.

      October 2010

    • EN-2.4.6

      Effective from Oct 1 2010 - Mar 31 2012.

      If the Appointed Experts conclude, after discussing the matter with the licensee, that they will give a negative opinion (as opposed to one qualified by exception) or that the issue of the report will be delayed, they must immediately inform the CBB in writing giving an explanation in this regard.

      October 2010

    • EN-2.4.7

      Effective from Oct 1 2010 - Mar 31 2012.

      The report must be completed, dated and submitted, together with any comments by Directors or management (including any proposed timeframe within which the licensee has committed to resolving any issues highlighted by the report), to the CBB within the timeframe applicable.

      October 2010

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