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Location: Central Bank of Bahrain Volume 1—Conventional Banks > Part A > High Level Standards > GR General Requirements > GR-5 Controllers > GR-5.2 Definition of Controller > GR-5.2.3

  • GR-5.2 Definition of Controller

    • GR-5.2.1

      A controllerG of a conventional bank licenseeG is a natural or legal person who either alone, or with his associates:

      (a) Holds 10% or more of the issued and paid up share capital in the ("L"), or is able to exercise (or control the exercise of) 10% or more of the voting power in L; or
      (b) Holds 10% or more of the issued and paid up share capital in a parent undertakingG ("P") of L, or is able to exercise (or control the exercise of ) 10% or more of the voting power in P; or
      (c) Is able to exercise significant influence over the management of L or P.
      Amended: July 2013
      Adopted: October 2007

    • GR-5.2.2

      For the purposes of Paragraph GR-5.2.1, "associate" includes:

      (a) The spouse, son(s) or daughter(s) of a controllerG ;
      (b) An undertaking of which a controllerG is a Director;
      (c) A person who is an employee or partner of the controllerG ; and
      (d) If the controllerG is a legal person, a Director of the controllerG , a subsidiary of the controller,G or a Director of any subsidiary undertaking of the controllerG .
      Amended: July 2013
      Amended: October 2011
      Amended: January 2011
      October 07

    • GR-5.2.3

      Associate also includes any other person or undertaking with which the controllerG has entered into an agreement or arrangement as to the acquisition, holding or disposal of shares or other interests in the conventional bank licenseeG , or under which they undertake to act together in exercising their voting power in relation to the conventional bank licenseeG .

      Amended: October 2011
      October 07

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