Regulatory Alerts2016-06-12
Proposed Changes to Section BC-4.7 for Volume 1 (BC-4.6 for Volume 2) Dealing with the CBB’s Prior Approval Requirements for New or Expanded Products
The Central Bank of Bahrain proposes amendments to Module BC of its Rulebook that require retail banks to obtain prior written approval, rather than simple notification, before introducing new or expanded customer products and facilities. The revised framework introduces a detailed appendix specifying required submission information, establishes an early 'in-principle' confirmation process for complex product developments, and mandates a twenty-business-day response period once complete documentation is received. Retail banks must confirm compliance with any conditional requirements in writing before the regulator issues final approval, with consultation feedback due by 12 June 2016.
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