(a) Failures to address persistent delays and/or significant inaccuracies in regulatory reporting to the CBB;

(b) Repeated failures to respond to formal requests for information from the CBB, within the deadlines set;

(c) The submission of information to the CBB known to be false or misleading; and

(d) Major failures in maintaining adequate systems and controls in accordance with the CBB’s requirements, subjecting depositors and other customers to significant risk of financial loss.

(a) The seriousness of the contravention, in relation to the requirement(s) concerned;

(b) The duration and/or frequency of the contravention, and the extent to which it reflects more widespread weaknesses in controls and/or management; the extent to which the contravention was deliberate or reckless;

(c) The licensee’s past compliance record and conduct following the contravention; and

(d) The scope of any other action taken by the CBB or other regulators against the stablecoin issuer, in response to the compliance failures in question.

Additional criteria are set out in Appendix E.

(a) The violations committed by the stablecoin issuer with respect to CBB Law; or the prudential Rulebook; or any Directions, warnings or formal requests for information; or violations of the terms and conditions of the license issued to the stablecoin issuer;

(b) Evidence or proof to support the above;

(c) The level of financial penalty to be imposed; and

(d) The grace period to be allowed to the stablecoin issuer for challenging the intended penalty (which will not be less than 30 days).

(a) Reporting requirements included in this Module;

(b) Public disclosure requirements included in this Module;

(c) The report of the external auditor or a consultancy firm approved by the CBB required as per Paragraph AML-3.3.1B(d) of Module AML;

(d) Annual licensing fees required as per Section SIO-2.6, and

(e) Conduct of Shareholders’ Meetings requirements included in Section HC 10.7.

(a) In terms of a specified number of days or months following a given date, such as the last date of a calendar quarter;

(b) A specified number of days or months after the occurrence of a specific event; or

(c) A specific date.

(a) Where the due date falls on a weekend or a holiday as designated by the CBB, the first business day following the weekend or holiday will be considered as being the due date;

(b) Where a due date is not complied with by the end of the day on which it is due, holidays and weekend days are included in the number of days the item is considered late;

(c) For returns and other filings, the date received is the date recorded by the CBB’s systems in case of returns filed electronically;

(d) In the case of returns filed in hard copy, the CBB stamp is the date received;

(e) All returns are to be sent to the respective Supervision Directorate and the annual fees to the Accounts Directorate, on or before the due date, to be considered filed on time;

(f) A day ends at midnight in the case of returns that must be filed electronically, or at the close of CBB business day, in the case returns are filed in hard copy; and

(g) An incomplete return, where completeness is determined in relation to the requirements of the relevant instructions, is considered ‘not filed’ until the CBB receives all necessary elements of the return.