Regulatory Alerts2015-05-20
Regulation with respect to the Conditions and Procedures for Obtaining Approval for Controlled Functions within Licensees
The Central Bank of Bahrain issued Decision No. 23 of 2015 to establish the conditions and procedures for obtaining prior written approval for individuals appointed to controlled functions, including board members and executive officers, within regulated licensees. The regulation mandates that candidates meet specific qualifications and experience outlined in the Bank’s Guidance Manual, with applications submitted via an online form evaluated within fifteen working days. It further grants the Bank the authority to issue reasoned rejections and provides licensees or concerned parties a thirty-day window to file reasoned appeals with supporting documentation to the relevant Executive Director.
Share