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Location: Central Bank of Bahrain Volume 4—Investment Business > Part A > High Level Standards > GR General Requirements > GR-5 Controllers > GR-5.2 Definition of Controller of a Bahraini Investment Firm Licensee
  • GR-5.2 Definition of Controller of a Bahraini Investment Firm Licensee

    • GR-5.2.1

      A controllerG of a Bahraini investment firm 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 capital in the licenseeG or parent undertakingG ; or
      (b) Is able to exercise more than 10% of the voting power over the licenseeG or the parent undertakingG .
      Amended: October 2015
      Amended: July 2007

    • GR-5.2.2

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

      (a) In the case of natural persons, a member of the controller'sG familyG ;
      (b) An undertaking of which a controllerG is a DirectorG ;
      (c) A person who is an employee or partner of the controllerG ;
      (d) If the controllerG is a legal person, a DirectorG of the controllerG , a subsidiary of the controllerG , or a DirectorG of any subsidiary undertakingG of the controllerG ; and
      (e) 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 investment firm licenseeG , or under which they undertake to act together in exercising their voting power in relation to the investment firm licenseeG .
      Amended: October 2015
      Amended: July 2007

    • GR-5.2.3

      In addition to the provisions of this Chapter, listed companies and their controllersG shall be bound by the CBB's regulatory requirements for capital markets stipulated in the CBB's Rulebook related to changes in the ownership of shares in listed companies. For overseas investment firm licenseesG , Section GR-5.5 shall apply.

      Amended: October 2015
      Amended: July 2007

    • GR-5.2.4

      The restrictions set forth in this Chapter shall apply to any changes in the legality of the shares' ownership of the controllersG in the licenseesG , or to the voting powers the controllersG are entitled to in the licenseesG . Failure to comply with such restrictions shall result in the imposition of penalties as indicated in Module EN (Enforcement) of the CBB Rulebook. The imposition of such penalties shall not affect the CBB's right to impose other penalties and to take any other administrative measures against the controllerG in accordance with the provisions of the Law including preventing the controllerG from exercising his voting right or transferring of shares.

      Added: October 2015

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