BHB launches new board for enhanced accountability

Bahrain Bourse (BHB) has formed a Disciplinary Appeals Board as part of its commitment to meet the requirements of the Central Bank of Bahrain (CBB).

This is in line with its efforts to secure a comprehensive enforcement framework to settle disputes, govern and take disciplinary action against market participants (including issuers and registered members at BHB) for enhanced accountability.

Market participants are also granted the right to appeal on violations imposed. The Disciplinary Appeals Board members are appointed following a resolution from BHB’s board, and are approved by the CBB.

The resolution of the Disciplinary Appeals Board formation is in line with Bahrain Bourse’s Business Rules when it comes to the implementation of procedures relating to investigating appeals arising from the Disciplinary Appeals Board Resolutions and the Violations Committee.

The Disciplinary Appeals Board consists of three members – Judge Hamad Ahmed Al Sowaidi, Dr Abdulgadir Warsama Ghalib and Ahmed Mohamed Al Hammadi, general manager of Naseej.

The board shall be responsible for investigating appeals against disciplinary resolutions issued by related parties in compliance with BHB’s Business Rules and the CBB Volume 6 DRA module.

BHB chief executive Shaikh Khalifa bin Ebrahim Al Khalifa said, “As an SRO, the formation of the Disciplinary Appeals Board aims to further strengthen BHB’s regulatory oversight regime, enhance transparency and allow for greater and swifter accountability in the market.

“The board, which includes judicial and regulatory nominations, aims to speed up and facilitate the disciplinary process, and ensures a high level of protection for market participants. Bahrain Bourse is taking a vigorous and active approach to comply with rules and regulations to ensure a fair and transparent market for all investors and stakeholders.”

Source: https://www.gdnonline.com/Details/965255/BHB-launches-new-board-for-enhanced-accountability