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  • Introduction

    • BR-6.5.1

      The content of this Chapter is applicable to all banks and appointed experts.

      Added: October 2011

    • BR-6.5.2

      The purpose of the contents of this Chapter is to set out the roles and responsibilities of appointed experts when appointed pursuant to Articles 114 or 121 of the CBB Law (see EN-7.1.1). These Articles empower the CBB to assign some of its officials or others to inspect or conduct investigations of banks.

      Added: October 2011

    • BR-6.5.3

      The CBB uses its own inspectors to undertake on-site examinations of licensees as an integral part of its regular supervisory efforts. In addition, the CBB may commission reports on matters relating to the business of licensees in order to help it assess their compliance with CBB requirements. Inspections may be carried out either by the CBB's own officials, by duly qualified appointed experts appointed for the purpose by the CBB, or a combination of the two.

      Added: October 2011

    • BR-6.5.4

      The CBB will not, as a matter of general policy, publicise the appointment of an appointed expert, although it reserves the right to do so where this would help achieve its supervisory objectives.

      Added: October 2011

    • BR-6.5.5

      Unless the CBB otherwise permits, appointed experts should not be the same firm appointed as external auditor of the bank.

      Added: October 2011

    • BR-6.5.6

      Appointed experts will be appointed in writing, through an appointment letter, by the CBB. In each case, the CBB will decide on the range, scope and frequency of work to be carried out by appointed experts.

      Added: October 2011

    • BR-6.5.7

      All proposals to appoint appointed experts require approval by an Executive Director or more senior official of the CBB. The appointment will be made in writing, and made directly with the appointed experts concerned. A separate letter is sent to the licensee, notifying them of the appointment. At the CBB's discretion, a trilateral meeting may be held at any point, involving the CBB and representatives of the licensee and the appointed experts, to discuss any aspect of the investigation.

      Added: October 2011

    • BR-6.5.8

      Following the completion of the investigation, the CBB will normally provide feedback on the findings of the investigation to the bank.

      Added: October 2011

    • BR-6.5.9

      Appointed experts will report directly to and be responsible to the CBB in this context and will specify in their report any limitations placed on them in completing their work (for example due to the bank's group structure). The report produced by the appointed experts is the property of the CBB (but is usually shared by the CBB with the firm concerned).

      Added: October 2011

    • BR-6.5.10

      Compliance by appointed experts with the contents of this Chapter will not, of itself, constitute a breach of any other duty owed by them to a bank (i.e. create a conflict of interest).

      Added: October 2011

    • BR-6.5.11

      The CBB may appoint one or more of its officials to work on the appointed experts' team for a bank.

      Added: October 2011