Financial brokers operating in Bahrain are no longer required to have a local partner, the Bahrain Monetary Agency (BMA) has clarified.
Brokers can also undertake a wide range of activities, including money market, commodities and securities broking activities, under a single brokerage license.
An earlier requirement for majority Bahraini ownership, of at least 51 percent, was eliminated five years ago, confirmed Director of Financial Institutions Supervision at the BMA, Abdul Rahman Al-Baker.
"We feel the information related to the lifting of this key restriction on brokerage firms is not very well known," he said. "We would like to clarify that BMA allows 100 percent foreign ownership of brokerage firms, undertaking financial services-related activities. We have also expanded the brokerage license to cover a range of financial activities," Al-Baker added.
Last month, the BMA announced the abolition of a requirement for local participation in companies operating as insurance brokers and loss adjusters. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
