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The CBB may, by notice in writing, order a licensed clearing houseG or central depositoryG to cease operating its clearing or depository facility if:

(a) It has contravened any provision of the CBB Law, or any other law or rule in the course of operating its clearing facility;
(b) It has not complied with any of the licensing requirements contained in this Module;
(c) It provided any information or document to the CBB that is false or misleading;
(d) In the opinion of the CBB, it is operating the clearing or depository facility in a manner that is likely to pose systemic risk to the financial system of Bahrain;
(e) It is in the course of being wound up or otherwise dissolved, whether in Bahrain or elsewhere;
(f) 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 propertyG of the licensed clearing houseG or central depositoryG ;
(g) It 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; or
(h) The CBB is of the opinion that it is in the interests of the public to do so.
(1 Version)
May 1 2009 onwards
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