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  • 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