Procedure for Issuing an Adverse Finding
SIO-14.5.8
All proposals for issuing an adverse “fit and proper” finding are subject to a thorough review by the CBB of all relevant facts, assessed against the criteria outlined in section SIO-14.5.4 to SIO-14.5.7. In some instances, it may be appropriate for the CBB to request the licensee or person concerned to provide further information, in order to help reach a decision.
Added: July 2025SIO-14.5.9
All adverse findings have to be approved by a Director or more senior of the CBB. A notice of intent is issued to the person concerned and copied to the Board/senior management of the licensee as appropriate, setting out the circumstances and the basis for the CBB’s proposed adverse finding. The person has 30 calendar days from the date of the notice in which to make written representations, addressed to the Director or more senior official concerned, failing which a final notice is issued by the CBB.
Added: July 2025SIO-14.5.10
If representations are made, then the CBB has 30 calendar days from the date of the representation in which to consider any mitigating evidence submitted and make a final determination.
Added: July 2025
