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ASAR Seminar 2023 Addresses The New Share Registry System ‘Bahrain Clear’ and Recent Amendments made to Bahrain’s Corporate Governance Code

ASAR – Al Ruwayeh & Partners, a leading tier 1 corporate and commercial law firm in the region, has successfully concluded its ‘ASAR Seminar 2023’ in Bahrain in the presence of more than 50 attendees. The seminar addressed the allocation of the share registry for joint stock companies from the Bahrain Ministry of Industry and Commerce (MOIC) to the modernized share registry platform operated by ‘Bahrain Clear’, as well as the recent amendments to Bahrain’s Corporate Governance Code.

At the ASAR Seminar 2023, keynote speaker and Partner at ASAR, Steven Brown, discussed the rationale and benefits associated with the new efficient registry approach to joint stock companies and what businesses can expect when interacting with Bahrain Clear in relation to the various corporate actions of joint stock companies. Senior Associate at ASAR, Sherif Saad Eldin shed light on the recent amendments to the Corporate Governance Code and provided clarity for businesses on the meaning of “comply or explain” as well as which governance obligations are ‘mandatory’ versus those applicable except where other justification is given. Sherif also touched on how a company can adjust their corporate governance policies accordingly to comply with the new amendments.

Commenting on the seminar, Steven Brown, Partner at ASAR – Al Ruwayeh & Partners said: “We are pleased to have hosted ASAR Seminar 2023 in Bahrain and to provide a resource for the various companies in Bahrain to efficiently manage their governance and corporate secretarial obligations”.

The ASAR Seminar 2023- Bahrain also welcomed Huda Albasri, Chief of Investor Relations & Guidance at the Registration Directorate at the MOIC, Abdulla Abdin, Chief Operating Officer (COO) at Bahrain Clear, and Simone Del Nevo, Head of Legal at SICO as part of a panel moderated by Steven Brown. The panel provided real life insight from the perspective of each different stakeholders: regulator, registrar and user, on the new share registry system and its multitude of benefits. Mr. Abdulla Abdin specifically spoke to the motivation behind the transfer to ‘Bahrain Clear’ and its benefits for Bahrain.

Chief Operating Officer of Bahrain Clear, Mr. Abdulla Abdin commented: “The launch of the Bahrain Private Market provides a full suite of share registrar services for Closed Shareholding Companies. The platform aims to provide a more transparent and efficient offering for closed shareholding companies, and subsequently their respective shareholders. With our long-standing experience in providing such services, we aim to provide an efficient and secure platform for closed shareholding companies to encompass both public and private shareholding companies.”

ASAR has been operating in the Kingdom of Bahrain for one and a half decades and more than 40 years’ in Kuwait. The firm specializes in over 30 practice areas and represent clients that require a coordinated and seamless response to their legal needs. ASAR’s legal expertise extends to a wide range of areas that covers local and foreign multinational corporations, financial institutions, industrial conglomerates, governments and private clients. The firm has a leading commercial practice with a focus on corporate and commercial transactions, banking and finance, capital markets, mergers & acquisitions, privatizations, IPOs, franchising, construction, government projects, PPPs, securities, taxation, commercial litigation and arbitration.

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