BAHRAIN: Central Bank of Bahrain Licenses Bahrain Clear

Thursday June 22 2017

Bahrain Clear Company announced on Wednesday 12th June 2017 that is has obtained a license from the Central Bank of Bahrain (CBB) to carry out all the functions and activities mentioned in the company’s Article of Association.

Bahrain Clear will undertake the related services of transactions depository, clearing, settlement, central registry and registration. In addition, Bahrain Clear will handle the support for these activities including opening an investor number for individuals and companies with brokers, the deposit of listed and other companies’ securities, the conversion of securities between the brokers’ accounts, transfer of ownership of these securities, settlement and registration of ownership.

CEO of Bahrain Bourse also added that Bahrain Clear will expand the services of the Central Registry to include the distribution of cash dividends directly to the bank accounts of shareholders in listed and other companies, and manage the meetings of general assemblies of listed companies, including e-voting. Bahrain Clear will also undertake lending and borrowing in securities and short selling and support services to the margin trading service. Bahrain Clear services will also include providing mutual funds services that include information related to mutual funds, providing custodian services to Bahraini investors in other Capital Markets and exchanges, and allowing Bahraini commercial banks to mediate for transactions execution on securities and financial instruments listed on the Bourse. This will enhance the confidence and credibility of the Bourse among all parties involved in the market operations.

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