Back Custom print Link Text Only Rich Text Print

  • Matters Having a Serious Supervisory Impact

    • BR-2.2.1

      An investment firm licensee must notify the CBB if any of the following has occurred, may have occurred or may occur in the near future:

      (a) The investment firm licensee failing to satisfy one or more of the Principles of Business referred to in Module PB;
      (b) Any matter which could have a significant adverse impact on the investment firm licensee's reputation;
      (c) Any matter which could affect the investment firm licensee's ability to continue to provide adequate services to its customers and which could result in serious detriment to a customer of the investment firm licensee; or
      (d) Any matter in respect of the investment firm licensee that could result in material financial consequences to the financial system or to other investment firm licensees.
      (e) Any breach of any provision of the Rulebook (including a Principle);
      (f) A breach of any requirement imposed by the relevant law or by regulations or an order made under any relevant law by the CBB; or
      (g) If an investment firm licensee becomes aware, or has information that reasonably suggests that it has or may have provided the CBB with information that was or may have been false, misleading, incomplete or inaccurate, or has or may have changed in a material way, it must notify the CBB immediately (ref. BR-3.3.2).
      Amended: July 2010
      Amended: October 2009
      Adopted: July 2007

    • BR-2.2.2

      The circumstances that may give rise to any of the events in Paragraph BR-2.2.1 are wide-ranging and the probability of any matter resulting in such an outcome, and the severity of the outcome, may be difficult to determine. However, the CBB expects investment firm licensees to consider properly all potential consequences of events.

      Adopted: July 2007

    • BR-2.2.3

      In determining whether an event that may occur in the near future should be notified to the CBB, an investment firm licensee should consider both the probability of the event happening and the severity of the outcome should it happen. Matters having a supervisory impact could also include matters relating to a parent undertaking or controller that may indirectly have an effect on the investment firm licensee.

      Adopted: July 2007

    • BR-2.2.4 [Deleted]

      Deleted: October 2009