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Location: Central Bank of Bahrain Volume 6—Capital Markets > Part A > Institutions > MAE — Markets and Exchanges > MAE-1 Licensing > MAE-1.5 Power of CBB to Revoke Exemption > MAE-1.5.1
  • MAE-1.5 Power of CBB to Revoke Exemption

    • MAE-1.5.1

      The CBB may revoke any exemption granted to a personG under MAE-1.4.3 if:

      (a) The personG does not commence operating its marketG or, where it operates more than one marketG , all of its marketsG , within 6 months from the date on which it was granted the exemption;
      (b) The personG ceases to operate its marketG or, where it operates more than one marketG , all of its marketsG ;
      (c) The personG contravenes:-
      (i) Any condition or restriction relating to the exemption;
      (ii) Any direction issued to it by the CBB; or
      (iii) Any provision of the CBB Law or Regulations;
      (d) The CBB is of the opinion that the personG has operated in a manner that is contrary to the interests of the public;
      (e) The personG is in the course of being wound up or otherwise dissolved, whether in Bahrain or elsewhere;
      (f) A receiver, a receiver and manager or an equivalent personG has been appointed, whether in Bahrain or elsewhere, in relation to, or in respect of, any property of the personG ;
      (g) The personG has been convicted, whether in Bahrain or elsewhere, of an offence involving fraud or dishonesty or the conviction for which involved a finding that it had acted fraudulently or dishonestly;
      (h) The CBB is of the opinion that the personG would be more appropriately regulated as a licensed exchangeG or a licensed market operatorG ; or
      (i) Any information or document provided by the personG to the CBB is false or misleading.
      Amended: April 2013

    • MAE-1.5.2

      Subject to MAE-1.5.3, the CBB shall not revoke under MAE-1.5.1 any exemption granted to a personG without giving the personG an opportunity to be heard.

    • MAE-1.5.3

      The CBB may revoke any exemption granted to a personG on any of the following grounds without giving the personG an opportunity to be heard:

      (a) The personG is in the course of being wound up or otherwise dissolved, whether in Bahrain or elsewhere;
      (b) A receiver, a receiver and manager or an equivalent personG has been appointed, whether in Bahrain or elsewhere, in relation to, or in respect of any property of the personG ; or
      (c) The personG has been convicted, whether in Bahrain or elsewhere, of an offence involving fraud and dishonesty or the conviction for which involved a finding that it had acted fraudulently or dishonestly.

    • MAE-1.5.4

      For the purposes of MAE-1.5.1(b), a personG shall be deemed to have ceased to operate its marketG if:

      (a) It has ceased to operate the marketG for more than 30 days, unless it has obtained the prior approval of the CBB to do so; or
      (b) It has ceased to operate the marketG under a direction issued by the CBB.

    • MAE-1.5.5

      Any revocation under MAE-1.5.1 of an exemption granted to a personG shall not operate so as to:

      (a) Avoid or affect any agreement, transaction or arrangement entered into on a marketG operated by the personG , whether the agreement, transaction or arrangement was entered into before or after the revocation of the exemption; or
      (b) Affect any right, obligation or liability arising under such agreement, transaction or arrangement.
      Amended: April 2013

    • MAE-1.5.6

      The CBB shall give notice in the Gazette of any revocation of an exemption referred to in MAE-1.5.1.

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