Regulatory Alerts2022-02-28
Added · Updated
Central Bank of Bahrain Trust Law Consultation
The Central Bank of Bahrain issued this consultation to assess the operational effectiveness and practical application of Decree Law 23 of 2016 governing trusts after five years in force. Financial institutions, trust service providers, and legal firms must submit actionable feedback regarding implementation shortcomings and proposed amendments by 28 February 2022. The regulator will analyze these submissions to decide whether formal legislative amendments to the trust framework are required.
Office of the Governor
Central Bank of Bahrain
OG/46/2022
26<sup>th</sup> January 2022
Chief Executive Officer
All Banks
All Investment Firm Licensees
All Trust Service Providers
All Law Firms
All Audit Firms
Manama - Kingdom of Bahrain
Dear Sir/ Madam,
Consultation: Trust Law
This has reference to Decree Law No. (23) of 2016 with respect to Trusts (the “Law”), issued on 6<sup>th</sup> October 2016. In this regard, kindly note that as part of the Central Bank of Bahrain’s (“CBB”) initiatives to enhance its regulatory framework, and given that the Law has been in effect for the last 5 years, CBB is currently evaluating the effectiveness and practical applications of the Law, with a consideration to amend the Law, if deemed necessary.
Accordingly, CBB is seeking your feedback in relation to the Law. Please state any suggestions for improvement, shortcomings of the Law, and issues faced with the implementation of the same.
Kindly submit your comments in an editable format to email: consultation@cbb.gov.bh, by 28<sup>th</sup> February 2022.
Yours faithfully,
Rasheed M. Al-Maraj
Governor
ص.ب: ٢٧، المنامة - مملكة البحرين
هاتف: (+973) 17562500 - فاكس: (+973) 17537799
P.O. Box: 27, Manama - Kingdom of Bahrain
Tel: (+973) 17547500 - Fax: (+973) 17537799
website: www.cbb.gov.bh
E-mail: governor@cbb.gov.bh
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