Regulatory Alerts2016-08-11
Draft Unified GCC Law of Commerce
The Central Bank of Bahrain requests licensees to submit comments on the Draft Unified GCC Law of Commerce by 11 August 2016. This proposed legislation will replace the existing 1987 Law of Commerce and contains specific provisions governing banking and financial institution operations. Electronic submissions, including nil responses, must be directed to the Head of Regulatory Policy to facilitate broader economic integration across GCC member states.
الهيئة التنفيذية لرقابة المؤسسات المالية
Executive Director of Financial Institutions Supervision
EDFIS/C/039/2016
27th June 2016
Chief Executive Officer
All Licensees
Manama
Kingdom of Bahrain
Dear Sir,
**Consultation Paper: Draft Unified GCC Law of Commerce**
As a part of its on-going efforts to further strengthen the economic integration of the GCC countries, the Secretariat General of the GCC is currently discussing a draft Unified GCC Law of Commerce, which once approved, will replace the existing Law of Commerce issued by Decree no. (7) of 1987 and its amendments.
As the proposed Law incorporates several of the articles relevant to the operations of the banks and financial institutions, the CBB has displayed the draft law on its website for your review and comments. The above draft Law is available on the CBB website (www.cbb.gov.bh) under the consultations section.
The CBB requests all licensees to provide their comments, including ‘Nil comments’ on the above Law by 11th August, 2016. Kindly submit your comments electronically to Mrs. Ebtisam Al Arrayed, Head of Regulatory Policy at consultation@cbb.gov.bh.
Yours faithfully,
Abdul Rahman Al Baker
مصرف البحرين المركزي
Central Bank of Bahrain
ص.ب : 27، المنامة - مملكة البحرين
هاتف: (+973) 17051721/2-0 - فاكس: (+973) 17547312/305
P.O. Box : 27, Manama - Kingdom of Bahrain
Tel: (+973) 17547312/305 - Fax: (+973) 17531115
website: www.cbb.gov.bh
E-mail: albaker@cbb.gov.bh
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