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Location: Central Bank of Bahrain and Financial Institutions Law 2006 > Central Bank of Bahrain and Financial Institutions Law 2006 (English) > Central Bank of Bahrain and Financial Institutions Law > Part 11 Penalties > Article (165)
  • Part 11 Penalties

    • Article (160)

      Without Prejudice to any Greater Penalty Prescribed in the Penal Code or Under any Other Law, any Person Who Violates the Provisions of Paragraph (a) of Article (14) of this Law shall be Punishable by Temporary Imprisonment or a Fine Not Exceeding Ten Million (10,000,000) Bahrain Dinars or by Either Penalty, and the Court shall confiscate the proceeds of the crime.

    • Article (161)

      Without prejudice to any greater penalty prescribed under the Penal Code or any other law, any person who contravenes the provisions of Articles 40, 41, and the Regulations issued according to Article 42 of this law shall be liable to a fine not exceeding one million (1,000,000) Bahraini Dinars, and the Court shall confiscate the proceeds of the crime.

    • Article (162)

      Without prejudice to any greater penalty prescribed under the Penal Code or any other law, any person who breaches any of the provisions of paragraphs (a) and (b) of Articles 52, Articles 54, 55, 56, paragraph (a) of Article 57 and Article 58 of this law shall be liable to a fine not exceeding fifty thousand (50,000) Bahraini Dinars.

    • Article (163)

      Without prejudice to any greater penalty in the Penal Code or under any other law, any officer or employee of a Licensee or a listed company shall be punished by imprisonment and a fine not exceeding twenty thousand (20,000) Bahraini Dinars, or by either penalty, if he:

      (1) Concealed any records, information or documents relevant to the activities of the Licensee, requested by the Central Bank or any person appointed by the Central Bank to conduct an investigation or inspection on the business of the Licensee or the Listed Company, or provides any of them, in a bad faith, with statements or information which proves to be false or misleading or do not reflect the actual financial position of the Licensee or the Listed Company.
      (2) Concealed from the external auditor any records, information or documents necessary for auditing the accounts of the Licensee or the listed company, or provides him in a bad faith, with misleading or inaccurate statements or information which do not reflect the actual financial position of the Licensee or the listed company.

    • Article (164)

      Without prejudice to any greater penalty prescribed under the Penal Code or any other law a punishment of imprisonment and a fine of not less than Bahraini Dinars ten thousand (10,000) and no more than Bahraini Dinars fifty thousand (50,000), or either penalty shall be imposed upon:

      1. Any official or employee of an insurance company dealt in the name of the company with an actuary expert, consultant, inspection and loss adjuster, insurance broker or insurance representative who is not registered in the registers stated in Article (74) of this law, while he was fully aware of such fact.
      2. Any person who represents an insurance or reinsurance company without being registered on the Central Bank's register stated in Article (74) of this law.
      3. Any Manager, Director, Auditor, actuary expert or any person entrusted with the management of an insurance company, who fails to take the necessary measures for the formation of reserve funds and to maintain the same according to the requirements of this law.

    • Article (165)

      Without prejudice to any greater penalty prescribed under the Penal Code or any other law, a punishment of imprisonment and a fine of no less than Bahraini Dinars five hundred (500) and no more than Bahraini Dinars three thousand (3,000) or by either penalty, shall be imposed upon any person who mediated in conclusion of insurance or reinsurance transactions or pursued the business of insurance actuary, insurance consultant or inspection and loss adjuster without having his name registered on the Central Bank's Register referred to in Article (74) of this law.

    • Article (166)

      Without prejudice to any greater penalty prescribed under the Penal Code or any other law:

      (a) A punishment of imprisonment and a fine not exceeding (10,000) ten thousand Bahraini Dinars, or either penalty, may be imposed upon any person who in violation of Article (81) of this law issued securities or put thereof privately or publicly into circulation.
      (b) A punishment of imprisonment and a fine not exceeding three thousand Bahraini Dinars (3,000), or either penalty, may be imposed upon any person held responsible for preparing the prospectus pursuant to the provision of Article (85) of this law and intentionally included therein false or misleading information or data.

    • Article (167)

      Without prejudice to any greater penalty prescribed in the Penal Code or under any law, a person who contravenes Article (100) of this Law, while he is fully aware, shall be liable to imprisonment for a term not exceeding six months and a fine not exceeding Bahraini Dinars (10,000), or either penalty.

    • Article (168)

      Without prejudice to any greater penalty prescribed under the Penal Code or any other law, a person who contravenes Article (106) of this law is guilty of an offence of market manipulation and shall be liable to imprisonment for a term not exceeding six months and a fine not exceeding Bahraini Dinars ten thousand (10,000), or either penalty.

    • Article (169)

      Without prejudice to any greater penalty stated under the Penal Code or any other law, a punishment by imprisonment and a fine not exceeding twenty thousand (20,000) Bahraini Dinars, or by either penalty, shall be imposed upon any official or employee of the Licensee who acts or permitted an action in violation of Article (134) of this Decree, if he knows or should have known that the Licensee is insolvent.

    • Article (170)

      Without prejudice to any greater penalty prescribed under the Penal Code or any other law:

      (1) A person shall be liable to imprisonment for a term not exceeding five years and a fine not exceeding twenty thousand (20,000) Bahraini Dinars, or by either penalty, if he falsifies, conceals, destroys or otherwise disposes of a document which he knows or he should know that such document is relevant or shall be of relevance to a current investigation or an investigation likely to be conducted in accordance with chapter (1) of Part 9 of this Law.

      Any person participates in such offence shall be liable to the same penalty of the principal offender.
      (2) A person shall be liable to imprisonment for a term not exceeding three months, or a fine not exceeding three thousand (3,000) Bahraini Dinars, or either penalty, if he intentionally obstructed any investigation carried out by the Central Bank or an investigator appointed by the Central Bank.

    • Article (171)

      Without prejudice to any greater penalty prescribed under the Penal Code or any other law, a person who discloses in bad faith any Confidential Information in contravention of the provisions of Part (8), shall be liable to imprisonment and a fine not exceeding Bahrain Dinars ten thousand (10,000), or either penalty.

    • Article (172)

      Any legal person shall be liable and punished under criminal law by a fine not exceeding two hundred thousand Bahraini Dinars, if any of the crimes stated in this Decree are committed in his name or for his account or by means of any of his facilities, and this was a result of any action or gross negligence, or by the approval or under covering of any member of the board of directors or any other official of that legal person or any person who acts in such capacity.

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