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December 06, 2018

CBB announced amendments to the Rulebook Volumes 1 and 2, along with a new module on Open Banking (Module OB) under the Rulebook Volume 5. Under Volume 5, CBB also announced amendments to the existing rules on ancillary service providers (Module AU), general requirements (Module GR), and CBB reporting requirements (Module BR). Under Volumes 1 and 2, amendments have been announced to Chapter 6 on Open Banking in Module GR. Additionally, under Volumes 1, 2, and 5, CBB issued amendments to the glossary of defined terms (Appendix).

These amendments followed an industry consultation that closed on November 25, 2018. The new requirements are intended to pave the way for the introduction of open banking, which is a transformative development within financial services in Bahrain. The issuance of new rules and amendments to the CBB Rulebook Volumes are aimed to support the efforts of CBB in providing the necessary regulatory framework to facilitate and support the transformations taking place. In the CBB Rulebook Volumes 1 and 2, the references made to banks are to the retail banks. CBB will consider including wholesale banks and financing companies in the next phase, after consulting them. The new rules and the relevant industry feedback statement shall be available on the CBB website under Volumes 1, 2, and 5 in due course.

 

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Keywords: Middle East and Africa, Bahrain, Banking, Open Banking, CBB Rulebook, Reporting, CBB

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