Regulatory Alerts2024-10-20
Added · Updated
Proposed Amendments to Resolution No. 33 of 2018 on Trustee Services Licensing and Conditions
The Central Bank of Bahrain has issued a consultation on proposed amendments to Resolution No. 33 of 2018 that establish licensing conditions and introduce a new category C classification for managed trust companies. Regulated entities, including banks, fund administrators, law firms, and audit practices, must submit written or nil comments on the draft resolutions by 20 October 2024. The bilingual draft resolutions are accessible on the regulator’s website under the Open Consultations section for public review.
Central Bank of Bahrain
OG/297/2024
15<sup>th</sup> October 2024
Chief Executive Officer
All Banks
All Trust Service Providers
All Fund Administrators
All Law Firms
All External Audit Firms
Bahrain Association of Banks
Manama - Kingdom of Bahrain
Dear Sir/ Madam,
Proposed Amendments to Resolution No. (33) regarding the conditions and licensing procedures of undertaking trustee services
As part of the Central Bank of Bahrain’s (“CBB”) objective to develop the financial sector, the CBB is hereby issuing a consultation on proposed amendments to the Resolution No. (33) of 2018 regarding the conditions and licensing procedures of undertaking trustee services.
The CBB is introducing the concept of "managed trust companies" as a new category "C" trust service provider. This model is a well-accepted business model in many of the reputable trust jurisdictions.
Accordingly, you are requested to provide your comments, including “nil comments” on the draft Resolutions in an editable format to consultation@ccb.gov.bh by 20<sup>th</sup> October 2024.
The draft resolutions in Arabic and English languages shall be available on the CBB website (www.cbb.gov.bh) under the “Open Consultations” Section.
Yours faithfully,
Khalid Humaidan
Governor
هاتف: +973 1754 7500، +973 1754 7555، فاكس: +973 1753 7799، P.O. Box 27, Manama, Kingdom of Bahrain, www.cbb.gov.bh
T +973 1754 7500, +973 1754 7555, F +973 1753 7799, P.O. Box 27, Manama, Kingdom of Bahrain, www.cbb.gov.bh
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