January 22, 2019

CBB issued draft rules to enable existing or potential investment firm licensees to offer “robo-advice,” which CBB rules define as “digital financial advice.” The proposed rules are incorporated in CBB Rulebook Volumes 1, 2, and 4. The CBB Rulebook Volume 1 applies to conventional banks, Volume 2 applies to Islamic banks, and Volume 4 applies to investment business. For the proposed rules in Volumes 1 and 2, CBB requests all licensees, audit firms, and interested parties to provide their comments by February 20, 2019. For the proposed rules in Volume 4, CBB requests comments by February 21, 2019.

The proposed rules will be incorporated in the following modules in Rulebook Volumes 1 and 2:

  • Revision to Licensing Requirements Module (Module LR)
  • New Digital Financial Advice Module (Module DA)
  • Additions to Glossary for both Volumes

The proposed rules will be incorporated in the following modules in Rulebook Volume 4:

  • Revision to Authorization Module (Module AU)
  • New Digital Financial Advice Module (Module DA)
  • Addition of a section on Cyber Security Risk Measures under Risk Management Module (Module RM). The proposed new section on Module RM will apply to all investment firm licensees.
  • Addition to Glossary of Volume 4

 

Related Links

Comment Due Date: February 20, 2019 (Volumes 1 and 2); February 21, 2019 (Volume 4)

Keywords: Middle East and Africa, Bahrain, Banking, Securities, Islamic Banking, Regtech, Digital Finance Advice, Robo-advice, CBB

Related Articles
News

BIS Report Discusses Regulatory Issues Related to Big Techs in Finance

BIS has pre-released a chapter of the BIS Annual Economic Report; this chapter focuses on the risks and opportunities presented by large technology firms (big techs) in the financial services sector.

June 23, 2019 WebPage Regulatory News
News

IOSCO Report Examines Liquidity in Corporate Bond Markets

IOSCO published a report that examines the factors affecting liquidity, under stressed conditions, in the secondary corporate bond markets.

June 21, 2019 WebPage Regulatory News
News

FED Publishes Results of the 2019 Stress Tests for Banks

FED published a report presenting results of the Dodd-Frank Act Stress Test (DFAST) exercise for 2019.

June 21, 2019 WebPage Regulatory News
News

BCBS Report Examines Global Pillar 2 Supervisory Review Practices

BCBS published a report that examines the Pillar 2 supervisory review practices and approaches in Basel member jurisdictions.

June 21, 2019 WebPage Regulatory News
News

IASB Publishes Work Plan and Meeting Updates for June 2019

IASB published an updated work plan and a summary of its June meeting, which presents preliminary decisions of the Board.

June 21, 2019 WebPage Regulatory News
News

HKMA Publishes Banking Exposure Limits Code Under Banking Ordinance

HKMA issued a circular to all authorized institutions informing that the Banking (Exposure Limits) Code has been published in the Gazette on June 21, 2019.

June 21, 2019 WebPage Regulatory News
News

OSFI Proposes Guideline on Internal Model Oversight for Insurers

OSFI proposed the draft guideline E-25 on the internal model oversight framework for federally regulated property and casualty (P&C) insurance companies.

June 21, 2019 WebPage Regulatory News
News

EBA Single Rulebook Q&A: Third Update for June 2019

Under the Single Rulebook question and answer (Q&A) updates for this week, EBA published one answer regarding the calculation of institution-specific countercyclical capital buffer rates.

June 21, 2019 WebPage Regulatory News
News

BCBS Publishes Summary of the Meeting in June 2019

BCBS published a summary of its June meeting in Basel.

June 20, 2019 WebPage Regulatory News
News

OCC Bulletin on Risk Management Guidance for Home Mortgage Lending

OCC published Bulletin 2019-28 on risk management guidance for higher-loan-to-value (LTV) lending activities in communities targeted for revitalization.

June 19, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 3298