ES-1.17 ES-1.17 Module EN (Enforcement)
ES-1.17.1
This Module outlines enforcement powers and processes that may be applied by the CBB to address failures by
investment firm licensees ,approved persons or registered persons. The purpose of such measures is to encourage a high standard of compliance by all those authorised by the CBB, thus reducing risk to licensees' clients, counterparties and the financial system.Amended: January 2007ES-1.17.2
The enforcement measures contained in the Module are of varying severity and will be used in keeping with the CBB's assessment of the contravention, reserving the most serious enforcement measures for the most serious of contraventions.
Amended: January 2007ES-1.17.3
The CBB's enforcement mechanisms include:
(a) Formal requests for information;(b) Investigations;(c) Formal warnings;(d) Directions;(e) Financial penalties;(f) Administration;(g) Cancellation of license; and(h) Cancellation of 'fit and proper' approval.Amended: July 2007ES-1.17.4
A reminder of criminal sanctions contained in the CBB Law is also set out in Chapter EN-10.
Amended: January 2007
