Back Custom print Link Text Only Rich Text Print

  • Approved Persons Conditions

    • C4-1.3.10

      Category 4 investment firms seeking an approved person authorisation for an individual, must satisfy the CBB that the individual concerned is ‘fit and proper’ to undertake the controlled function in question. Each applicant applying for approved person status and those individuals occupying approved person positions must comply with the following conditions:

      (a) Has not previously been convicted of any felony or crime that relates to his/her honesty and/or integrity unless he/she has subsequently been restored to good standing;
      (b) Has not been the subject of any adverse finding in a civil action by any court or competent jurisdiction, relating to fraud;
      (c) Has not been adjudged bankrupt by a court unless a period of 10 years has passed, during which the person has been able to meet all his/her obligations and has achieved economic accomplishments;
      (d) Has not been disqualified by a court, regulator or other competent body, as a director or as a manager of a corporation;
      (e) Has not failed to satisfy a judgement debt under a court order resulting from a business relationship; and
      (f) Must have personal integrity, good conduct and reputation;
      (g) Has appropriate qualifications and experience for the controlled function in question.
      Added: January 2022

    • C4-1.3.11

      For the purposes of sub-paragraph C4-1.3.17(g), category 4 investment firms should satisfy the CBB that the controllers, managing partners and the CEO collectively have adequate experience in the related fields, including venture capital, angel investing and entrepreneurship / start-ups for operators of venture capital CIUs.

      Added: January 2022

    • C4-1.3.12

      Approved persons undertaking a controlled function must act prudently, and with honesty, integrity, care, skill and due diligence in the performance of their duties. They must avoid conflicts of interest arising whilst undertaking a controlled function.

      Added: January 2022