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  • EN-2.2 EN-2.2 CBB Policy

    • EN-2.2.1

      The CBB uses its own inspectors to undertake on-site examinations of licensees as an integral part of its regular supervisory efforts. In addition, the CBB may commission special investigations of licensees 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.

      Amended: October 2011
      Amended: January 2007

    • EN-2.2.2

      Failure by licensees to cooperate fully with the CBB's inspectors, or its appointed experts, or to respond to their examination reports within the time limit 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 guidance is supported by Article 124(a) of the CBB Law.

      Amended: October 2011
      Amended: January 2007

    • EN-2.2.3

      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.

      Amended: October 2011
      Amended: January 2007

    • EN-2.2.4

      Appointed experts report in a form and within a scope defined by the CBB, and are solely responible 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 licensee concerned.

      Amended: October 2011
      Amended: January 2007

    • EN-2.2.5

      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 costs of such investigations are met by the licensee, the CBB makes only selective use of appointed experts, when essential to supplement CBB's other supervisory tools and resources.

      Amended: October 2011
      Amended: January 2007

    • EN-2.2.6

      [This Paragraph was moved to Section BR-3.5]

      Deleted: October 2011
      Amended: January 2007

    • EN-2.2.7

      [This Paragraph was moved to Section BR-3.5]

      Deleted: October 2011
      Adopted: January 2007

    • EN-2.2.8

      [This Paragraph was moved to Section BR-3.5]

      Deleted: October 2011
      Adopted: January 2007

    • EN-2.2.6

      The CBB may commission reports, which require appointed experts to review information from another company within the reporting investment firm licensee's group even when that other entity is not subject to any CBB requirements.

      Amended: October 2011
      Adopted: January 2007

    • EN-2.2.7

      In accordance with Articles 114 and 123 of the CBB Law, investment firm licensee must provide all relevant information and assistance to appointed experts on demand.

      Amended: October 2011
      Adopted: January 2007

    • EN-2.2.11

      [This Paragraph was moved to Section BR-3.5]

      Deleted: October 2011
      Adopted: January 2007