• OM-2.3 OM-2.3 Notifications and Prior Approval Requests

    • OM-2.3.1

      A licensee must seek the CBB's prior written approval before committing to a new material outsourcing arrangement.

      Added: January 2020

    • OM-2.3.2

      The above request for prior approval must:

      (a) Be made in writing to the licensee's normal supervisory point of contact;
      (b) Contain sufficient detail to demonstrate that relevant issues raised in this Chapter have been addressed; and
      (c) Be made at least 6 weeks before the licensee intends to commit to the arrangement.
      Added: January 2020

    • OM-2.3.3

      The CBB will review the information provided and provide a definitive response within 5 working days of receiving the request for prior approval. Where further information is requested from the licensee, however, the time taken to provide this further information will not be taken into account. The CBB may also contact home or host supervisors of the licensee or the outsourcing service provider, to seek their comments — in such cases, the 6-week turnaround is also subject to the speed of their response.

      Added: January 2020

    • OM-2.3.4

      Once an activity has been outsourced, a licensee must immediately inform its normal supervisory point of contact at the CBB of any material problems encountered with the outsourcing service provider. The CBB reserves the right to direct a licensee to make alternative arrangements for the outsourced activity.

      Added: January 2020

    • OM-2.3.5

      The CBB reserves the right to require a licensee to terminate or make alternative outsourcing arrangements if, among other reasons, the confidentiality of its customer information was, or is likely to be, breached or the ability of the CBB to carry out its supervisory functions in view of the outsourcing arrangement cannot be assured or executed.

      Added: January 2020