Regulatory Alerts2013-02-01
Financing Companies Licensees Draft Modules – Volume 5 Industry Comments and Feedback
The Central Bank of Bahrain issued this feedback document to address industry comments on draft regulations for financing company licensees across Modules AU, BR, and HC. The revised framework clarifies corporate naming flexibility, mandates Bahrain residency for most controlled functions, requires monthly connected party exposure reports and timely audited financial statements under IFRS or AAOIFI standards, and enforces a 10-business-day notification period for new promotional schemes. Additionally, the regulator updated board directorship limits to apply specifically within Bahrain, aligned independent director requirements, and confirmed consolidated supervision obligations while accommodating regional group structures.
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