The Central Bank of Bahrain Issues Resolution for SRO Model ImplementationSource: www.export-egypt.com 3/7/2018, Location: Middle East |
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The Central Bank of Bahrain (CBB) has issued Resolution 11/2018, in respect of procedures and rules for implementation of the Self-Regulatory Organization (SRO) model of the Exchanges licensed by the Central Bank of Bahrain in relevance to listing securities and financial instruments post its IPO, issued in the Official Gazette 3355/2018.
The resolution was issued in coordination with Bahrain Bourse (BHB), being the concerned Exchange licensed by the CBB on which securities and financial instruments are traded. Commenting on the issuance of the above mentioned resolution and the need to strengthen Self-regulation of the Exchanges, Abeer Al Saad, Director of Capital Markets Supervision Directorate at the CBB, said: "The main objective for the CBB is to provide the legal and regulatory framework for the SRO model of the Exchanges in regards to the listing of securities and financial instruments after being offered to the public subscription." Al Saad pointed out that the above mentioned resolution is considered one of the important decisions issued by CBB, stressing that the objective of this resolution is in the interest of all stakeholders, specifically investors and traders in the Exchanges. In addition, providing local Exchanges with Self-regulation on listing of securities and financial instruments will enhance the regulatory and supervisory role of Exchanges in all listing applications. The CBB’s initiative to develop the capital markets in Bahrain is not only limited to issuing this resolution, as the CBB Capital Markets Supervision Directorate continues to make efforts to develop rules and regulations in this regard. She also said that the resolution is effective from March 2, and to be implemented by all concerned parties and individuals in their respective fields, where issuers are intending to list their securities or for any concerned entity acting on their behalf, the licensed exchange will be the main point of contact for all listing request during the submission and review period. She said that the Capital Markets Supervision Directorate continues to review the public offering and listing requests concurrently with the licensed exchange, and to approve the registration of the prospectus, providing guidance and support to interested parties and individuals in coordination with the relevant licensed exchange, as set out in the above mentioned resolution. In order to ensure the effective implementation of the provisions of this resolution, the licensed exchange should issue its own listing rules, which take into account the protection of the rights of investors, the disclosure standards in addition to addressing systemic risk. |
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