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  • MAE-1.8 Cancellation or Amendment of License

    • MAE-1.8.1

      The CBB may cancel any license of a person as a licensed exchange or licensed market operator if:

      (a) There exists criteria under MAE-1.2 that the licensed exchange or licensed market operator does not meet and on which grounds the CBB would refuse an application;
      (b) The licensed exchange or licensed market operator does not commence operating its market or, where it operates more than one market, all of its markets within 6 months from the date on which it was granted the license.
      (c) The licensed exchange or licensed market operator ceases to operate its market or, where it operates more than one market, all of its markets.
      (d) The licensed exchange or licensed market operator contravenes:
      (i) Any condition or restriction applicable in respect of its license;
      (ii) Any direction issued to it by the CBB;
      (iii) Any provision in this Module; or
      (iv) Any other CBB law, rule or regulation;
      (e) The licensed exchange or licensed market operator operates in a manner that is in the opinion of the CBB, contrary to the interests of the public or user; and
      (f) Any information or document knowingly or willingly provided by the licensed exchange or licensed market operator to the CBB is false or misleading.
      Amended: April 2013

    • MAE-1.8.2

      The CBB may not, subject to MAE-1.8.3, cancel any license that was granted to a licensed exchange or licensed market operator without giving the opportunity to be heard.

    • MAE-1.8.3

      The CBB may cancel a license that was granted to a licensed exchange or licensed market operator on any of the following grounds without giving an opportunity to be heard:

      (a) The licensed exchange or licensed market operator 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 person has been appointed, whether in Bahrain or elsewhere, in relation to or in respect of any property of the licensed exchange or licensed market operator; and
      (c) The licensed exchange or licensed market operator 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.

    • MAE-1.8.4

      For the purposes of Subparagraph MAE-1.8.1(c), a licensed exchange or licensed market operator shall be deemed to have ceased to operate its market if:

      (a) It has ceased to operate the market 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 market under a direction issued by the CBB.
      Amended: July 2016
      Amended: April 2016

    • MAE-1.8.5

      Any cancellation of a license of a licensed exchange or licensed market operator referred to in Paragraph MAE-1.8.1 shall not operate so as to:

      (a) Avoid or affect any agreement, transaction or arrangement entered into a market operated by the corporation, whether the agreement, transaction or arrangement was entered into before or after the revocation of the license; or
      (b) Affect any right, obligation or liability arising under such agreement, transaction or arrangement.

    • MAE-1.8.6

      Where the CBB cancels or amends a license of a licensed exchange or licensed market operator, notification to the licensed exchange and an appeal against such a decision shall be governed by Article 48 of the CBB Law.

      Amended: July 2016

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