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Location: Central Bank of Bahrain Volume 2—Islamic Banks > Part A > Enforcement & Redress > EN Enforcement > EN-6 Financial Penalties > EN-6.2A Financial Penalties for Date Sensitive Requirements
  • EN-6.2A Financial Penalties for Date Sensitive Requirements

    • EN-6.2A.1

      Modules LR, FC, BR, HC and PD contain specific requirements where Islamic bank licenseesG must comply with, by a precise date. Where a specific due date is involved, the CBB's financial penalties are based on a per diem basis.

      Amended: July 2017
      Added: October 2010

    • EN-6.2A.2

      This Section applies to date sensitive requirements for:

      (a) Reporting requirements included in Module BR;
      (b) Public disclosure requirements included in Module PD;
      (c) The report of the external auditor or a consultancy firm approved by the CBB required as per Paragraph FC-4.3.1B (d);
      (d) Annual licensing fees required as per Section LR-4.2, and
      (e) Conduct of Shareholders' Meetings requirements included in Section HC-7.2.
      Amended: July 2017
      Amended: October 2013
      Added: October 2010

    • EN-6.2A.3

      Financial penalties related to late filing or other date sensitive requirements are calculated as per the following per diem basis:

      (a) Where the Islamic bank licensee'sG total consolidated assets are less than or equal to BD 50 million, the financial penalty for late filing is BD 100 per day;
      (b) Where the Islamic bank licensee'sG total consolidated assets are greater than BD 50 million but less than BD 250 million, the financial penalty for late filing is BD 200 per day;
      (c) Where the Islamic bank licensee'sG total consolidated assets are greater than BD 250 million but less than or equal to BD 5 billion, the financial penalty is BD 400 per day;
      (d) Where the Islamic bank licensee'sG total consolidated assets are greater than BD 5 billion, the financial penalty is BD 800 per day; and
      (e) For new licensees who have yet to provide audited financial statements, the financial penalty is BD 100 per day.
      Amended: April 2017
      Added: October 2010

    • EN-6.2A.4

      For overseas Islamic bank licenseesG , only those assets reported as part of the filing for their Bahraini operations, shall be considered in determining the per diem financial penalty.

      Added: October 2010

    • EN-6.2A.5

      [This Paragraph was deleted in July 2018].

      Deleted: July 2018

    • EN-6.2A.6

      The various deadlines for submission of reports and annual fees referred to in Modules BR, FC, PD and LR are defined:
      (a) In terms of a specified number of days or months following a given date, such as the last date of a calendar quarter;
      (b) A specified number of days or months after the occurrence of a specific event; or
      (c) A specific date.
      Amended: April 2011
      Added: October 2010

    • EN-6.2A.7

      In imposing financial penalties for date sensitive requirements, the following criteria apply:
      (a) Where the due date falls on a weekend or a holiday as designated by the CBB, the first business day following the weekend or holiday will be considered as being the due date;
      (b) Where a due date is not complied with by the end of the day on which it is due, holidays and weekend days are included in the number of days the item is considered late;
      (c) For returns and other filings, the date received is the date recorded by the CBB's systems in case of returns filed electronically;
      (d) In the case of returns filed in hard copy, the CBB stamp is the date received;
      (e) All returns are to be sent to the respective Supervision Directorate and the annual fees to the Accounts Directorate, on or before the due date, to be considered filed on time;
      (f) A day ends at midnight in the case of returns that must be filed electronically, or at the close of CBB business day, in the case returns are filed in hard copy; and
      (g) An incomplete return, where completeness is determined in relation to the requirements of the relevant instructions and Module BR, is considered "not filed" until the CBB receives all necessary elements of the return.
      Amended: July 2011
      Amended: April 2011
      Added: October 2010

    • EN-6.2A.8

      The CBB does not require any particular method of delivery for returns and filings that are filed in hard copy. The use of the Bahrain postal services, private courier services or other methods of delivery is entirely at the discretion and risk of the licensee. For the payment of annual fees, licensees must follow the requirements of Form ALF, included under Part B of Volume 2.

      Amended: April 2011
      Added: October 2010

    • EN-6.2A.9

      A decision to impose a financial penalty for date sensitive requirements is unrelated to whether the CBB issues a reminder; it is the licensee's responsibility to file and disclose on time as per the requirements of Volume 2 (Islamic Banks) Rulebook.

      Amended: April 2011
      Added: October 2010

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