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  • FP-1.1 Principles and Outcomes

    • FP-1.1.1

      Licensees must adhere to the following key principles and outcomes regarding the suitability of persons covered within the scope of this Module:

      (a) Ensure that unsuitable persons are not appointed to the board, or to senior management functions as identified by the licensee. A person is unsuitable if the person does not meet the fit and proper criteria set out in this Module;
      (b) Conduct comprehensive assessments prior to the appointment of persons covered within the scope of this Module to ensure they satisfy the CBB’s fit and proper criteria;
      (c) The board of directors and the chief executive officer are responsible for the organisation structure and for identifying the senior management functions;
      (d) Ensure the persons covered within the scope of this Module continue to meet the fit and proper criteria;
      (e) Establish documented board approved policies for recruitment, training and competency, including minimum competency standards addressing academic and/or professional qualifications and past experience, periodic competency assessments and training for persons covered within the scope of this Module; and
      (f) Promptly report to the CBB if the licensee identifies material deficiency in suitability of the persons covered within the scope of this Module.
      Added: March 2025

    • FP-1.1.2

      While licensees are afforded flexibility in determining how best to achieve the above outcomes based on their specific/ unique circumstances, they are responsible for maintaining adequate records that demonstrate their decisions and how the related outcomes have been achieved.

      Added: March 2025

    • FP-1.1.3

      With regards to competency standards referred to in Paragraph FP-1.1.1(e), Appendix FP-1 provides illustrative guidance for certain positions relevant to banks, insurance firms, category 1 investment firms and licensed exchanges. All licensees should develop their own standards. The illustrative qualifications and core competencies are not the minimum requirements.

      Added: March 2025