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In assessing the suitability of controllersG who are regulated legal persons, the CBB will consider the following:

(a) The person must be subject to effective consolidated supervision by a supervisory authority which effectively implements the Basel Committee on Banking Supervision Core Principles, or the IOSCO Core Principles or the IAIS Core Principles as well as the FATF Recommendations on Money Laundering and the financing of terrorism & proliferation;
(b) The home supervisorG of the person must give its formal written prior approval for (or otherwise raise no objection to) the proposed acquisition of the Bahraini investment firm licenseeG ;
(c) The home supervisorG of the person must confirm to the CBB that it will require the person to consolidate the activities of the concerned Bahraini investment firm licenseeG for regulatory and accounting purposes if the case so requires;
(d) The home supervisorG of the person must formally agree to the exchange of customer information between the person and its prospective Bahraini subsidiary/acquisition for AML/CFT purposes and for Large Exposures monitoring purposes;
(e) The home supervisorG of the person and the CBB must conclude a Memorandum of Understanding in respect of supervisory responsibilities, exchange of information and mutual inspection visits; and
(f) The person must provide an acceptably worded letter of guarantee to the CBB in respect of its obligation to support the licenseeG , should such letter be requested.
Added: October 2015
(1 Version)
Oct 1 2015 onwards
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