CBB Volume 6: Contents
MAE-5.4 Business Transfer
MAE-5.4.1Amended: April 2016
A Transfer of Business application shall be published by the CBB in the Official Gazette and also in 2 daily newspapers, one in Arabic and one in English in Bahrain. The publication should include a call to the concerned parties to submit any objections to the CBB within 3 months from the date of publication.
The CBB shall consider the objections referred to in the preceding Paragraph before taking any action on the application for transfer.
The CBB shall determine the procedure of processing applications for business transfer.Amended: July 2016
The following shall apply in order to approve a business transfer:(a) The business, subject of transfer, shall not be prohibited by the CBB;(b) The Transfer of Business shall not cause damages to the interests of the licensed exchangeG or licensed market operator's usersG ;(c) The transferee must be licensed to carry out the business in the place to which it is to be transferred;(d) The transferee company should fulfil all the eligibility criteria laid down in this module to operate as a licensed exchangeG ; and(e) The CBB must be satisfied that the Transfer of Business is appropriate under relevant regulations issued in this respect.
The CBB shall give its approval to a Transfer of Business if the application satisfies the requirements set in Paragraph MAE-5.4.6. Such approval may be given subject to any conditions deemed appropriate by the CBB.Amended: July 2016
The decision of the CBB on a Transfer of Business shall be published in the Official Gazette as well as in 2 daily newspapers, one in Arabic and one in English in Bahrain. The decision shall be effective from the date set therein.
An applicant whose application has been turned down or who faces restrictions regarding the transfer of his business may appeal to a competent court within 30 days from the date of publishing of such decision on the Official Gazette.