Back Custom print Link Text Only Rich Text Print

  • ES-2 ES-2 Implementation and Transition Rules

    • ES-2.1 ES-2.1   30 April 2006

      • ES-2.1.1

        Investment firm licensees issued a license after 30 April 2006 must comply with the requirements contained in the first phase release of Volume 4 (Investment Business) from the date of issue of their license.

        Amended: January 2007

      • ES-2.1.2

        The earliest effective date of Volume 4 (Investment Business), therefore, is 30 April 2006.

      • ES-2.1.3

        The first phase release of Volume 4 comprises Modules ES, UG, AU, PB, AA, GR, CA, BC, CL, FC and EN.

      • ES-2.1.4

        Other implementation deadlines are prescribed in Sections ES-2.2 to ES-2.4.

    • ES-2.2 ES-2.2   1 July 2006

      • ES-2.2.1

        Unless otherwise agreed to in writing with the CBB, investment firm licensees issued a license before 30 April 2006 must comply with the requirements contained in the first phase release of Volume 4 (Investment Business) by 1 July 2006, with the exceptions of Modules CA, BC and CL.

        Amended: January 2007

      • ES-2.2.2

        Therefore, for investment firms already licensed when Volume 4 was first issued in April 2006, the first implementation date (unless additional transition arrangements have been agreed with in writing with the CBB) is 1 July 2006. A later implementation deadline is given for Modules CA, BC and CL, on account of the wide scope of their requirements: see Section ES-2.3

        Amended: January 2007

      • ES-2.2.3

        The first phase release of Volume 4 comprises Modules ES, UG, AU, PB, AA, GR, CA, BC, CL, FC and EN.

      • ES-2.2.4

        Other implementation deadlines are prescribed in Sections ES-2.1, ES-2.3 and ES-2.4.

      • ES-2.2.5

        On an exceptional basis, the CBB may provide for grandfathering or additional transitional measures for certain firms, where these are faced with difficulties in meeting their implementation deadlines, provided such arrangements do not cause excessive risk to investors or other licensees.

        Amended: January 2007

      • ES-2.2.6

        Investment firm licensees who were licensed prior to the publication of Volume 4 (Investment Business) do not need to resubmit an application for a license.

      • ES-2.2.7

        Investment firm licensees licensed prior to 30 April 2006 will have their license category, and the scope of their authorisation, confirmed in an exchange of letters.

        Amended: July 2010

    • ES-2.3 ES-2.3   1 January 2007

      • ES-2.3.1

        Unless otherwise agreed to in writing, investment firm licensees issued a license before 30 April 2006 must comply with the requirements contained in Modules CA, BC and CL by 1 January 2007.

      • ES-2.3.2

        In other words, investment firm licensees licensed prior to the introduction of Volume 4 in April 2006 are required to comply with the first phase release of Volume 4 by 1 July 2006, except for Modules CA, BC and CL which have to be complied with from 1 January 2007 onwards (cf. Rules ES-2.2.1 and ES-2.3.1). Investment firm licensees licensed after the introduction of Volume 4 in April 2006, are required to comply with the first phase release of Volume 4 from the date of issue of their license (cf. Rule ES-2.1.1).

        Amended: July 2010
        Amended: July 2007

      • ES-2.3.3 [This Paragraph deleted 07/2007.]

        Deleted: July 2007

      • ES-2.3.4 [This Paragraph deleted 07/2007.]

        Deleted: July 2007

    • ES-2.4 ES-2.4 1 January 2008

      • ES-2.4.1

        Investment firm licensees licensed prior to 1 July 2007 must comply with the requirements contained in Modules HC, RM and BR by 1 January 2008. Licensees issued a license after 1 July 2007 must comply with these Modules (as well as other content of Volume 4 of the CBB Rulebook), from the date of issue of their license.

        Amended: July 2007

      • ES-2.4.1A

        As the reporting forms under Chapter BR-1, Prudential Reporting, other than the Quarterly Prudential Report which has been issued in March 2009, are under development, investment firm licensees benefit from a further transition period from the requirements of this Chapter. Licensees will be informed at a later date of the implementation date of Chapter BR-1.

        Amended: October 2009
        Added: July 2008

      • ES-2.4.2

        Modules HC, RM and BR were issued in July 2007. Rule ES-2.4.1 means that existing investment firm licensees have therefore a 6-month implementation grace period.

        Amended: July 2008
        Amended: July 2007

    • ES-2.5 ES-2.5 Module TC — Training and Competency

      • ES-2.5.1

        The requirements of Module TC for investment firm licensees are effective from 1st July 2010.

        Adopted: July 2010

      • ES-2.5.2

        Where approved persons holding controlled functions within the investment firm licensee, do not meet the qualifications and core competencies outlined in Appendix TC-1 at the time of the issuance of Module TC, the investment firm licensee must ensure that such individuals will meet the requirements of Module TC by 31st December 2011 at the latest.

        Amended: October 2013
        Adopted: July 2010

    • ES-2.6 ES-2.6 Module BC — Business Conduct

      • ES-2.6.1

        The requirements of Chapter BC-3, customer complaints procedures, for investment firm licensees are effective from 31st March 2012.

        Added: January 2012