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MAE-8.1.1

Past version: effective from Apr 1 2013 - Mar 31 2016.
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Where the CBB is satisfied that an officer of a licensed exchangeG or licensed market operatorG :

(a) Has wilfully contravened or wilfully caused that licensed exchangeG or licensed market operatorG to contravene:
(i) The CBB Law or these Rules;
(ii) Where applicable, its business rulesG ; or
(iii) Where applicable, its listing rulesG ;
(b) Has without reasonable excuse, failed to ensure compliance by that licensed exchangeG or licensed market operatorG , a memberG of that licensed exchangeG or licensed market operatorG , or a personG associated with that memberG with:
(i) The CBB Law or these Rules;
(ii) Where applicable the business rulesG of that licensed exchangeG or licensed market operatorG ; or
(iii) Where applicable, the listing rulesG of that licensed exchangeG or licensed market operatorG ;
(c) Has failed to discharge the duties or functions of his office or employment;
(d) Is an undischarged bankrupt, whether in Bahrain or elsewhere;
(e) Has had execution against him in respect of a judgement debt returned unsatisfied in whole or in part;
(f) Has whether in Bahrain or elsewhere, made a compromise or scheme of arrangement with his creditors, being a compromise or scheme of arrangement that is still in operation; or
(g) Has been convicted whether in Bahrain or elsewhere, of an offence involving fraud or dishonesty or the conviction for which involved a finding that he had acted fraudulently or dishonestly;

the CBB may if it thinks it is necessary in the interests of the public or a section of the public, or for the protection of investors, by notice in writing direct that a licensed exchangeG or licensed market operatorG remove the officer from his office or employment, and that licensed exchangeG or licensed market operatorG shall comply with such notice.

Amended: April 2013
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(3 Versions)
 
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