Regulatory Alerts2016-06-12
Added · Updated
Proposed Changes to CBB Prior Approval Requirements for New or Expanded Financing Company Products
The Central Bank of Bahrain mandates that financing companies provide specific documentation to obtain prior approval for new or expanded customer products. Required submissions encompass a detailed product description, sample term sheet, outsourcing arrangements, risk analyses, justified fee lists, and supporting contracts or promotional materials. Technology-driven and Shari’a-compliant products further necessitate independent IT risk evaluations, security protocols, supervisory board pronouncements, and optional technical demonstrations.
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