The Bahrain Stock Exchange, also known as the Bahrain Bourse, has formed a Disciplinary Appeals Board, local reports have said.
The self-regulated multi-asset marketplace took the step as part of its commitment to meet the requirements of the Central Bank of Bahrain, said the reports.
The move is also said to be in line with the bourse’s efforts to secure a comprehensive enforcement framework to settle disputes, govern, and take disciplinary action against market participants for enhanced accountability.
The market participants could include issuers and registered members at the Bahrain Bourse.
The reports said market participants would also be granted the right to appeal on violations.
The board will consist of three members: Judge Hamad Ahmed Al Sowaidi, Abdulgadir Warsama Ghalib and Naseej General Manager Ahmed Mohamed Al-Hammadi.
It shall be responsible for investigating appeals against disciplinary resolutions issued by related parties in compliance with Bahrain Bourse’s Business Rules and the CBB Volume 6 DRA module.
Members of the Disciplinary Appeals Board will be appointed following a resolution from BHB’s board, and will be approved by the Central Bank of Bahrain.
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.
