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  • 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