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The Bahrain Bourse is an institution licensed by the Central Bank of Bahrain (being the public corporation empowered to regulate the financial sector in the Kingdom of Bahrain) (“CBB”) as a self-regulatory organisation, entrusted with operating the stock exchanges in the Kingdom of Bahrain. The development and launch of BIM by the Bahrain Bourse is in accordance with its stated goals of furthering Bahrain’s position as a regional financial hub, stimulating the capital markets sector in the Kingdom, and to fostering a market to help fast-growing companies in the Kingdom of Bahrain and beyond (admission to the BIM is not restricted to companies incorporated in Bahrain). There are no nationality restrictions on persons wishing to invest in and trade in shares of companies listed on the BIM.
The primary rules governing and regulating the BIM are the Bahrain Investment Market (BIM) Rules 2016 (the “BIM Rules”). Whilst the Rules have been approved by the CBB, the body enforced with interpreting, administering and enforcing the rules is the Bahrain Bourse. The BIM Rules provide details of the requirements to be satisfied by a legal entity seeking admission to and listing on the BIM together with the sale of its shares to the public, and the requirements that must thereafter be satisfied on an ongoing basis by entities listed on the BIM. As with other comparable listing rules, the BIM Rules are not deemed to be exhaustive, and the Bahrain Bourse are empowered to make admission subject to additional conditions, and/or impose additional requirements.
The process for admission to and listing on BIM
The streamlined process which a listing applicant will go through to offer its shares for sale to the public and to be admitted to and listed on the BIM can be summarised as follows:
Some key requirements for admission and listing
The key requirements to be satisfied by a listing applicant to be admitted to and listed on the BIM include the following:-
Upon acceptance for admission to the BIM, the listing applicant may proceed with the sale of its shares as per its Listing Document/s.
Some other points to note
The BIM provides an innovative platform for growing companies to quickly and efficiently raise the capital they require for their continued growth and development, without having to satisfy the extensive regulatory requirements applicable to a listing on the main GCC stock exchanges. At the same time, investors should take considerable re-assurance from the focussed nature of the BIM Rules, the exemplary track record of the Bahrain Bourse and the CBB. Bahrain enjoys a consistently high ranking in terms of the transparency and robustness of the general regulatory framework, and has a proven track record and reputation as a major financial hub for the region and beyond.
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