CBB Policy
SIO-14.7.1
The CBB uses its own inspectors to undertake on-site examinations of stablecoin issuers as an integral part of its regular supervisory efforts. In addition, the CBB may commission special investigations of stablecoin issuers in order to help it assess their compliance with CBB requirements, as contained in Article 121 of the CBB Law. Such investigations may be carried out either by the CBB’s own officials, by duly qualified experts appointed for the purpose by the CBB (appointed experts), or a combination of the two.
Added: July 2025SIO-14.7.2
Failure by stablecoin issuers to cooperate fully with the CBB’s inspectors or appointed experts, or to respond to their examination reports within the time limits specified, will be treated as demonstrating a material lack of cooperation with the CBB which will result in other enforcement measures being considered, as described elsewhere in this Module. This Rule is supported by Article 124(a) of the CBB Law.
Added: July 2025SIO-14.7.3
The CBB may appoint an individual or a firm as an appointed expert. Examples of appointed experts are lawyers, audit firms and expert witnesses. The appointment of appointed experts is not necessarily indicative of a contravention of CBB requirements or suspicion of such a contravention. For instance, an appointed expert may be commissioned to provide an expert opinion on a technical matter.
Added: July 2025SIO-14.7.4
Appointed experts report in a form and within a scope defined by the CBB and are solely responsible to the CBB for the work they undertake in relation to the investigation concerned. The report produced by the appointed experts is the property of the CBB (but is usually shared by the CBB with the firm concerned). The cost of the appointed experts’ work must be borne by the stablecoin issuer concerned.
Added: July 2025SIO-14.7.5
In selecting an appointed expert, the CBB will take into account the level of fees proposed and aim to limit these to the lowest level consistent with an adequate review of the matters at hand, given the qualifications, track record and independence of the persons concerned. Because the cost of such investigations is met by the stablecoin issuer, the CBB makes only selective use of appointed experts when essential to supplement CBB’s other supervisory tools and resources.
Added: July 2025SIO-14.7.6
The CBB may commission reports, which require appointed experts to review information from another company within the reporting stablecoin issuer’s group even where that other company is not itself subject to any CBB requirements.
Added: July 2025SIO-14.7.7
Stablecoin issuers must provide all relevant information and assistance to appointed experts on demand. This Rule is based on Article 123 of the CBB Law.
Added: July 2025SIO-14.7.8
Further details on the required report and other aspects related to the role of the appointed expert are contained in Section SIO-13.5.
Added: July 2025
