PB-B PB-B Scope of Application
PB-B.1 PB-B.1 Scope of Application
PB-B.1.1
The 10 Principles of Business apply to all CBB
Islamic bank licensees , in accordance with Paragraph PB-B.1.2. Principles 1-8 (Paragraphs PB-1.1 to PB-1.8 inclusive) also apply to allapproved persons , in accordance with Paragraph PB-B.1.3.October 07PB-B.1.2
Principles 1 to 10 apply to activities carried out by the Islamic bank licensee, including activities carried out through overseas branches (if any). Principles 9 and 10 also take into account any activities of other members of the group of which the Islamic bank licensee is a member.
October 07PB-B.1.3
Principles 1 to 8 apply to
approved persons in respect of thecontrolled function for which they have been approved.October 07PB-B.1.4
Principles 1 to 8 do not apply to behaviour by an
approved person with respect to any other functions or activities they may undertake. However, behaviour unconnected to theircontrolled function duties may nonetheless be relevant to an assessment of that person's fitness and propriety.October 07PB-B.1.5
The CBB's requirements regarding
approved persons andcontrolled functions are located in Module LR (Licensing Requirements).Amended: January 2011
October 2007PB-B.2 PB-B.2 Non-compliance
PB-B.2.1
Breaching a Principle of Business makes the
Islamic bank licensee orapproved person concerned liable to enforcement action. In the case of a licensee, this may call into question whether they continue to meet the licensing conditions (see Chapter LR-2). In the case of anapproved person , this may call into question whether they continue to meet the "fit and proper" requirements for the function for which they have been approved (see Section HC-2.2).October 07PB-B.2.2
Module EN (Enforcement) sets out the CBB's policy and procedures on enforcement action.
October 07
