Bahrain Bourse implements Issuers’ Violations Framework | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

Bahrain Bourse implements Issuers’ Violations Framework | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

Agencies | Manama

The Daily Tribune – www.newsofbahrain.com

Bahrain Bourse has announced the implementation of the Issuers’ Violations Framework effective as of 2nd January 2023 following obtaining approval of the Central Bank of Bahrain and in accordance with Bahrain Bourse’s Listing Rules, which pertains to the powers of Bahrain Bourse to impose administrative fines on issuers in the event of non-compliance with the Listing Rules and any other applicable BHB business rules.

The Issuers Violations Framework stipulates the rules for imposing monetary fines and/or sanctions, and the violations framework that apply for non-compliance to the Listing Rules, and any other applicable BHB business rules, regulations and directives as deemed appropriate.

According to the framework, administrative fines will be imposed on issuers based on the impact and frequency of the violation under consideration, which can impose an administrative violation such as suspension of trading or a monetary fine ranging from BD 500 up to BD 10,000 on each violation. Violations can reach up to BD 100,000 for cross-listed companies exceeding 30% of the Issuer’s share capital traded outside of its main market jurisdiction.

All cases will be assessed and reviewed by the Violations Committee formed by Bahrain Bourse. The committee will be responsible for reviewing and