Article (9) Continuous Commitments
The licensed financial establishment must strictly adhere to the following: | ||
| a) | Indicating clearly the expression ‘representative office’, alongside the commercial name under which it conducts its business in the country of origin or the Head Office, in its address as well as in all advertisements and official papers used by the office. | |
| b) | Managing its business by persons against whom the Central Bank has no objection. | |
| c) | Conducting the business activities mentioned in Article (6) above at independent and appropriate premises, approved by the Central Bank, and refraining from conducting any other business of any kind at the same premises; relocation of premises or its closure is not allowed without prior approval from the Central Bank. | |
| e) | Not merging, unifying or consolidating with any other financial establishment or other entity in the country without prior approval from the Central Bank. | |
| f) | Notifying the Central Bank immediately of any principal changes related to the status of the licensed financial establishment. | |
| g) | Providing the Central Bank with any statements, information or statistics it may request at any time and for any period. | |
| h) | Obtaining the relevant licenses from the concerned local authorities before commencing its business. This should be done within (6) months from the date of issuance of the licence from the Central Bank as per the provisions of this resolution. | |
| i) | The licence of the local authorities should be restricted to conducting the business of representative offices only; the representative office should provide the Central Bank with copies of the licence as soon as it is received from the concerned authorities. | |
| j) | Complying with all prevailing laws in the country, including civil laws, commercial companies’ law and criminal laws. It should as well comply with the ethical standards which governs its business as per the provisions of this resolution. | |