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Location: Central Bank of Bahrain Volume 4—Investment Business > Part A > High Level Standards > AU Authorisation > AU-5 Information Requirements and Processes > AU-5.2 Approved Persons
  • AU-5.2 Approved Persons

    • Prior Approval Requirements and Process

      • AU-5.2.1

        Investment firm licenseesG must obtain CBB's prior written approval before a person is formally appointed to a controlled functionG . The request for CBB approval must be made by submitting to the CBB a duly completed Form 3 (Application for Approved Person status) and Curriculum Vitae after verifying that all the information contained in the Form 3, including previous experience, is accurate. Form 3 is available under Volume 4 Part B Authorisation Forms of the CBB Rulebook.

        Amended: January 2016
        Amended: July 2015
        Amended: October 2009
        July 2007

      • AU-5.2.2

        When the request for approved personG status forms part of a license application, the Form 3 must be marked for the attention of the Director, Licensing Directorate. When the submission to undertake a controlled functionG is in relation to an existing investment firm licenseeG , the Form 3, except if dealing with a MLRO, must be marked for the attention of the Director, Financial Institutions Supervision Directorate. In the case of the MLRO, Form 3 should be marked for the attention of the Director, Compliance Directorate.

        Amended: April 2018
        Amended: April 2008
        Amended: July 2007

      • AU-5.2.3

        When submitting Form 3, investment firm licenseesG must ensure that the Form 3 is:

        (a) Submitted to the CBB with a covering letter signed by an authorised representative of the investment firm licenseeG , seeking approval for the proposed controlled functionG ;
        (b) Submitted in original form;
        (c) Submitted with a certified copy of the applicant's passport, original or certified copies of educational and professional qualification certificates (and translation if not in Arabic or English) and the Curriculum Vitae; and
        (d) Signed by an authorised representative of the licenseeG and all pages stamped with the licensee'sG seal.
        (e) Submitted with the existing organisation chart or a proposed organisation chart (if the existing organisation chart is to be amended) reflecting the reporting line of the applicant. This is for all controlled functions listed in Rule AU-1.2.2 except a & e.
        Amended: October 2016
        Amended: July 2015
        Amended: October 2009

      • AU-5.2.3A

        Investment firm licenseesG seeking to appoint Board Directors must seek CBB approval for all the candidates to be put forward for election/approval at a shareholders' meeting, in advance of the agenda being issued to shareholders. CBB approval of the candidates does not in any way limit shareholders' rights to refuse those put forward for election/approval.

        Added: July 2015

      • AU-5.2.4

        For existing licensees applying for the appointment of a DirectorG or the Chief ExecutiveG /General ManagerG , the authorised representative should be the Chairman of the Board or a DirectorG signing on behalf of the Board. For all other controlled functionsG , the authorised representative should be the Chief ExecutiveG /General ManagerG .

        Amended: July 2015
        Amended: October 2009

      • AU-5.2.5

        [This Paragraph was deleted in July 2015.]

        Deleted: July 2015

      • AU-5.2.6

        [This Paragraph was moved to Paragraph AU-5.2.3A in July 2015.]

        Amended: July 2015
        Amended: October 2009
        Amended: July 2007

    • Assessment of Application

      • AU-5.2.6A

        The CBB shall review and assess the application for approved personG status to ensure that it satisfies all the conditions required in Paragraph AU-3.1.3 and the criteria outlined in Paragraph AU-3.1.5.

        Amended: January 2016
        Added: July 2015

      • AU-5.2.6B

        For purposes of Paragraph AU-5.2.6A, investment firm licenseesG should give the CBB a reasonable amount of notice in order for an application to be reviewed. The CBB shall respond within 15 business days from the date of meeting all regulatory requirements, including but not limited to receiving the application complete with all the required information and documents, as well as verifying references.

        Amended: January 2016
        Added: July 2015

      • AU-5.2.6C

        The CBB reserves the right to refuse an application for approved personG status if it does not satisfy the conditions provided for in Paragraph AU-3.1.3 and does not satisfy the CBB criteria in Paragraph AU-3.1.5. A notice of such refusal is issued by registered mail to the licenseeG concerned, setting out the basis for the decision.

        Amended: January 2016
        Added: July 2015

      • AU-5.2.7

        [This Paragraph was deleted in January 2016.]

    • Appeal Process

      • AU-5.2.7A

        Investment firm licenseesG or the nominated approved personsG may, within 30 calendar days of the notification, appeal against the CBB's decision to refuse the application for approved personG status. The CBB shall decide on the appeal and notify the investment firm licenseeG of its decision within 30 calendar days from submitting the appeal.

        Added: July 2015

      • AU-5.2.7B

        Where notification of the CBB's decision to grant a person approved personG status is not issued within 15 business days from the date of meeting all regulatory requirements, including but not limited to, receiving the application complete with all the required information and documents, investment firm licenseesG or the nominated approved personsG may appeal to the Executive Director, Financial Institutions Supervision of the CBB provided that the appeal is justified with supporting documents. The CBB shall decide on the appeal and notify the investment firm licenseeG of its decision within 30 calendar days from the date of submitting the appeal.

        Amended: January 2016
        Added: July 2015

    • Notification Requirements and Process

      • AU-5.2.8

        Investment firm licenseesG must immediately notify the CBB when an approved personG ceases to hold a controlled functionG together with an explanation as to the reasons why (see Paragraph AU-5.5.5). In such cases, their approved personG status is automatically withdrawn by the CBB.

        Amended: October 2009
        Amended: July 2008
        Amended: April 2008
        Amended: July 2007

      • AU-5.2.9

        Investment firm licenseesG must immediately notify the CBB in case of any material change to the information provided in a Form 3 submitted for an approved personG .

        Amended: October 2009

      • AU-5.2.10

        Investment firm licenseesG must immediately notify the CBB when they become aware of any of the events listed in Paragraph EN-8.2.3, affecting one of their approved personsG .

        Amended: October 2009

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