Regulatory Alerts2024-08-27
Added · Updated
Proposed Amendments to Resolutions on Professional Associations Subject to the Central Bank of Bahrain and Financial Institutions Law
The Central Bank of Bahrain (CBB) issued a consultation on proposed amendments to Resolutions No. 27 and 28 of 2008, which govern the composition of professional associations' boards of directors and chairpersons. Regulated financial entities must submit their feedback or nil comments in editable format to consultation@cbb.gov.bh by 27 August 2024. The draft resolutions, available on the CBB website, will standardize governance structures and streamline regulatory oversight for these professional bodies.
Central Bank of Bahrain
مَعْرِضُ الْبَحْرَيْن المركزي
OG/233/2024
22nd August 2024
Chief Executive Officer
All Banks
All Insurance Companies
All Investment Firms
All Capital Market Licensees
Bahrain Association of Banks
Bahrain Insurance Association
Manama - Kingdom of Bahrain
Dear Sir/ Madam,
Proposed Amendments to the Resolutions relating to Professional Associations that are Subject to the Central Bank of Bahrain and Financial Institutions Law
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 resolutions listed below regarding the composition of professional associations’ board of directors and the board chairperson:
- Resolution No.(27) of 2008 promulgating the regulations for the professional associations subject to the provisions of the Central Bank of Bahrain and Financial Institutions Law promulgated by Law No.(64) of 2006.
- Resolution No.(28) of 2008 promulgating the standard form for articles of association of professional associations subject to the provisions of the Central Bank of Bahrain and Financial Institutions Law promulgated by Law No.(64) of 2006.
Accordingly, you are requested to provide your comments, including “nil comments” on the draft Resolutions in an editable format to consultation@cbb.gov.bh by 27th August 2024.
The draft resolution shall be available on the CBB website (www.cbb.gov.bh) under the “Open Consultations” Section.
Yours faithfully,
Khalid Humaidan
Governor
cc: Law Firms
External Audit firms
هاتف +٩٧٣ ١٧٥٤ ٧٠٠٠، +٩٧٣ ١٧٥٤ ٧٠٠٠ فاكس، +٩٧٣ ١٧٥٣ ٧٧٩٩، ص.ب ٢٧، المنامة، مملكة البحرين
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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