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  • AU-5.4 AU-5.4 Amendment of Authorisation

    • Licenses

      • AU-5.4.1

        Investment firm licensees wishing to vary the scope of their license must obtain the CBB's written approval, before effecting any such change. Approval must be sought whenever a licensee wishes to add or cease undertaking a regulated investment service, change license category, or to vary a condition imposed on their license.

        Amended: January 2022
        Amended: July 2007

      • AU-5.4.2

        Failure to secure the CBB approval prior to effecting such changes is likely to be viewed as a serious breach of a licensee's regulatory obligations, and may constitute a breach of Article 40(a), as well as Article 50(a), of the CBB Law.

        Amended: July 2007

      • AU-5.4.3

        In addition to any other information requested by the CBB, and unless otherwise directed by the CBB, an investment firm licensee requesting CBB approval to undertake a new regulated investment service must provide the following documentation:

        (a) A summary of the rationale for undertaking the proposed new service;
        (b) A description of how the new service will be managed and controlled; and
        (c) An analysis of the financial impact of the new service.
        Amended: July 2007

      • AU-5.4.4

        The CBB will only agree to amend a license if doing so poses, in its judgement, no unacceptable risks to customers. As provided for under Article 48 of the CBB Law, the CBB may itself move to amend a license, for instance if a licensee fails to satisfy any of its existing license conditions or protecting the legitimate interests of customers or creditors of the licensee requires such a change. See also Chapter EN-7, regarding the cancellation or amendment of licenses, including the procedures used in such instances.

        Amended: July 2007

    • Approved Persons

      • AU-5.4.5

        Investment firm licensees must seek prior CBB approval before an approved person may move from one controlled function to another within the same licensee.

        Adopted: July 2007

      • AU-5.4.6

        In such instances, a new Form 3 (Application for Approved Person status) should be completed and submitted to the CBB. Note that a person may be considered ‘fit and proper’ for one controlled function, but not for another, if for instance the new role requires a different set of skills and experience. Where an approved person is moving to a controlled function in another licensee, the first licensee should notify the CBB of that person’s departure (see Rule AU-5.5.5), and the new licensee should submit a request for approval under Rule AU-1.2.1.

        Adopted: July 2007