FP-A: Introduction
FP-A.1 Introduction and Scope
Purpose
FP-A.1.1
This Module presents the CBB requirements that should be met by the licensees with regards to certain persons identified in this Module with respect to fitness and propriety as specified in this Module. Directors on the boards of licensees and certain senior management functions require the CBB’s approval prior to their appointment.
Added: March 2025Legal Basis
Scope
FP-A.1.3
This Module applies to all licensees. It contains the CBB’s principles regarding ensuring suitability of directors and individuals heading senior management functions. It also sets out the fit and proper criteria and the CBB’s requirements relating to appointments, identification of senior managers, ongoing fit and proper assessments, training, notifications, reporting and record keeping. It also identifies certain positions, the holders of which, would require prior approval of the CBB in writing before holding such positions.
Added: March 2025FP-A.1.4
For licensees that are branches of overseas institutions, references to the board of directors or board should be interpreted as their head offices or regional offices as appropriate.
Added: March 2025FP-A.2 Module History
Evolution of the Module
FP-A.2.1
This Module was first issued in March 2025. It supersedes the existing Training and Competency Modules in the CBB Rulebook, the requirements relating to approved persons in the Licensing Requirements Modules, Authorisation Modules of the CBB Rulebook, Volumes 1 to 5, and relevant sections of the Modules in the CBB Rulebook Volume 6. With the introduction of this Module, the references to the terms “approved persons” and “controlled functions” will be removed from the CBB Rulebook. The Modules within the CBB Rulebook titled “Training and Competency” will also be removed.
Added: March 2025FP-A.2.2
A list of recent changes made to this Module is provided below:
Module Ref. Change Date Description of Changes Added: March 2025
