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Location: Central Bank of Bahrain Volume 4—Investment Business > Part A > Enforcement & Redress > EN Enforcement > EN-5 Financial Penalties > EN-5.3A Financial Penalties for Date Sensitive Requirements > EN-5.3A.2
  • EN-5.3A Financial Penalties for Date Sensitive Requirements

    • EN-5.3A.1

      Modules AU, FC, BR and PD contain specific requirements where investment firm 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.

      Added: October 2012

    • EN-5.3A.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 approved consultancy firm required as per Paragraph FC-3.3.1B(d); and
      (d) Annual licensing fees required as per Section AU-6.2.
      Amended: January 2016
      Added: October 2012

    • EN-5.3A.3

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

      (a) For category 1 investment firm licenseesG , the financial penalty for late filing is BD 80 per day;
      (b) For category 2 investment firm licenseesG , the financial penalty for late filing is BD 60 per day; and
      (c) For category 3 investment firm licenseesG , the financial penalty is BD 40 per day.
      Amended: April 2017
      Added: October 2012

    • EN-5.3A.4

      In accordance with Article 129 of the CBB Law, the maximum financial penalty levied for failing to comply with date sensitive requirements is BD 100,000. The fine shall be multiplied by the number of violations. The CBB may opt to limit the amount of the financial penalty and use other enforcement measures as outlined in Module EN (Enforcement), such as imposing restrictions on an investment firm license limiting the scope of operations.

      Amended: April 2016
      Added: October 2012

    • EN-5.3A.5

      The various deadlines for submission of reports and annual fees referred to in Modules BR, FC, PD and AU 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.
      Added: October 2012

    • EN-5.3A.6

      In imposing financial penalties for date sensitive requirements, the following criteria apply:

      (a) Where the due date falls on a holiday as designated by the CBB, the first business day following the 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.
      Added: October 2012

    • EN-5.3A.7

      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 4.

      Added: October 2012

    • EN-5.3A.8

      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 4 (Investment Business) Rulebook.

      Added: October 2012

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