Regulatory Alerts2024-11-14
Proposed new Fit and Proper Requirements Module
The Central Bank of Bahrain has issued a consultation proposing a new Fit and Proper Requirements Module that will supersede existing Training, Competency, and Approved Persons Conditions rules for all licensees. The proposed framework shifts accountability for senior management appointments and organizational structure design to licensees, specifically placing responsibility on the Chairman of the Board and Chief Executive Officer. Licensees must develop customized fit and proper criteria using the provided illustrative standards, a change designed to reduce regulatory dependency on the CBB and accelerate senior appointment timelines.
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