Back Custom print Link Text Only Rich Text Print

  • FP-3: Other Requirements

    • FP-3.1 Notification Requirements

      • FP-3.1.1

        Licensees must notify the CBB, within 5 working days, if they become aware of information that indicates that a board director or a person heading a senior management function does not or no longer meets the ‘fit and proper’ requirements of the licensee or those required by the CBB under this Module, e.g. criminal offence being committed, or when the licensee becomes aware of persistent failure to repay personal debts or the occurrence of credit default.

        Added: March 2025

      • FP-3.1.2

        Licensees must notify the CBB as at the end of each quarter, any new appointments to a senior management function (other than those that are approved by the CBB). The notification must be made through the institutional information system (IIS), and must include the official name of the person, the title and position and telephone and email contact details of such person.

        Added: March 2025

      • FP-3.1.3

        Licensees must notify the CBB when a board director or person holding senior management functions has resigned, been suspended or dismissed, or when disciplinary action has been taken against such person, or when a member of senior management is transferred to another function within the licensee, or else to another group entity. Such notification must be made within 5 working days of the acceptance of the resignation letter, decision of suspension or dismissal, transfer etc.

        Added: March 2025

      • FP-3.1.4

        If a person who was approved by the CBB to undertake a certain function was transferred by the licensee to another position requiring the CBB’s approval, then the CBB approval of such transfer is required.

        Added: March 2025

    • FP-3.2 Interim Arrangements

      • FP-3.2.1

        If a senior management function falls vacant, licensees must ensure that pending the appointment of a replacement, interim arrangements are made to ensure continuity of the duties. The licensee must take reasonable care to ensure that any person temporarily filling the senior management position is suitably qualified, experienced, and capable of performing the role’s responsibilities effectively during the interim period. These requirements must be included in licensee’s policies. The vacant position must be filled, unless agreed with the CBB, with a permanent appointment within 180 days of the vacancy occurring.

        Added: March 2025

    • FP-3.3 Record keeping

      • FP-3.3.1

        Licensees must retain the following records for all persons covered under the scope of this Module for a minimum period of five years following termination of their employment with the licensee:

        (a) Fit and proper assessments, including but not limited to:

        a. Recruitment records, CVs, and proof of the candidates’ knowledge and skills and their previous activities and training;
        b. Results of the initial screening for the purposes of appointments;
        c. Background and reference checks; and
        d. Details of any professional qualifications;

        (b) Evidence for competence, including but not limited to:

        a. Competency standards;
        b. Annual training plans;
        c. Material for training, attendance and evaluation;
        d. Documentation to show annual assessment of competence and criteria used; and
        e. Record of CPD hours undertaken by each person.
        Added: March 2025

    • FP-3.4 Non-Compliance with CBB Requirements

      • FP-3.4.1

        The CBB has the power to examine, investigate and or require independent expert assessments of compliance with the requirements in this Module. Where there are deficiencies in a licensee’s compliance with the requirements of this Module, the CBB will direct the licensee to take appropriate remedial action. Where this is not done or is ineffective, it may call into question whether the licensee continues to satisfy the relevant licensing conditions. It may also cast doubt on the fitness and propriety of the board of directors and CEO. Based on the circumstances of the case, the CBB will consider whether formal supervisory action should be taken against the licensee, or the individuals concerned. The CBB has the power to take the necessary enforcement actions in accordance with the CBB Law and Module EN against the licensee, its board and senior management as appropriate.

        Added: March 2025

      • FP-3.4.2

        The CBB may take, after due process, any of the following actions, as applicable, against individuals not meeting fitness and/or propriety standards of the licensee or the CBB:

        (a) Remediation requirements: CBB can require individuals in senior positions to take specific actions to remedy deficiencies, such as obtaining necessary qualifications, or addressing conflicts of interest;
        (b) Disqualification: CBB may disqualify/bar a person from holding senior roles in CBB licensees when CBB believes the individual does not meet the fit and proper criteria;
        (c) Direction to remove/move: CBB may issue a formal direction to remove or move the person to another activity within the organisation; or
        (d) Criminal penalties: In extreme cases, where there is evidence of fraud or dishonesty with respect to provision/withholding of information, CBB can refer matters for criminal prosecution.
        Added: March 2025