BAHRAIN: Prior Approval Requirements Introduced for New or Expanded Products by Financing Companies

Friday June 17 2016

The Central bank of Bahrain’s (CBB) consultation on proposed changes to Module BC (Business and Market Conduct) for Volumes 5 (Financing Companies) of the CBB Rulebook has concluded.

The proposed amendments will require financing companies to obtain the CBB’s prior approval on the introduction of new or expanded customer products. At present, financing companies are only required to make a notification of such activity. The amendments will also introduce a new appendix, outlining the information required when seeking the CBB’s prior approval.

The proposed changes and revisions to Module BC, along with the new Appendix will be available on the CBB website (www.cbb.bh) under the Closed Consultations section.

Please click on the above link for further information.