BR-3.4 BR-3.4 Methods of Information Gathering
BR-3.4.1
The CBB uses various methods of information gathering on its own initiative which require the cooperation of
investment firm licensees :(a) Representatives of the CBB may make onsite visits at the premises of theinvestment firm licensee . These visits may be made on a regular basis, or on a sample basis, for special purposes such as theme visits (looking at a particular issue across a range ofinvestment firm licensees ), or when the CBB has a particular reason for visiting aninvestment firm licensee ;(b) Appointees of the CBB may also make onsite visits at the premises of theinvestment firm licensee . Appointees of the CBB may include persons who are not CBB staff, but who have been appointed to undertake particular monitoring activities for the CBB, such as in the case ofAppointed Experts (refer to Section BR-3.5).(c) The CBB may request theinvestment firm licensee to attend meetings at the CBB's premises or elsewhere;(d) The CBB may seek information or request documents by telephone, at meetings or in writing, including electronic communication;(e) The CBB may requireinvestment firm licensees to submit various documents or notifications, as per Chapter BR-2, in the ordinary course of their business such as financial reports or on the happening of a particular event in relation to theinvestment firm licensee such as a change in control.Amended: July 2012
Amended: October 2011
Adopted: July 2007BR-3.4.2
When seeking meetings with an
investment firm licensee or access to the licensee's premises, the CBB or the CBB appointee needs to have access to aninvestment firm licensee's documents and personnel. Such requests will be made during reasonable business hours and with proper notice. There may be instances where the CBB may seek access to the licensee's premises without prior notice. While such visits are not common, the prospect of unannounced visits is intended to encourageinvestment firm licensees to comply at all times with the requirements and standards imposed by the CBB as per legislation and Volume 4 of the CBB Rulebook.Amended: July 2012
Adopted: July 2007BR-3.4.3
The CBB considers that an
investment firm licensee should:(a) Make itself readily available for meetings with representatives or appointees of the CBB;(b) Give representatives or appointees of the CBB reasonable access to any records, files, tapes or computer systems, which are within theinvestment firm licensee's possession or control, and provide any facilities which the representatives or appointees may reasonably request;(c) Produce to representatives or appointees of the CBB specified documents, files, tapes, computer data or other material in theinvestment firm licensee's possession or control as may be reasonably requested;(d) Print information in theinvestment firm licensee's possession or control which is held on computer or otherwise convert it into a readily legible document or any other record which the CBB may reasonably request;(e) Permit representatives or appointees of the CBB to copy documents of other material on the premises of theinvestment firm licensee at theinvestment firm licensee's expense and to remove copies and hold them elsewhere, or provide any copies, as may be reasonably requested; and(f) Answer truthfully, fully and promptly all questions which representatives or appointees of the CBB reasonably put to it.Amended: July 2012
Amended: July 2010
Adopted: July 2007BR-3.4.4
The CBB considers that an
investment firm licensee should take reasonable steps to ensure that the following persons act in the manner set out in Paragraph BR-3.4.3:(a) Its employees; and(b) Any other members of its group and their employees.Amended: October 2013
Amended: July 2012
Adopted: July 2007BR-3.4.5
In gathering information to fulfill its supervisory duties, the CBB acts in a professional manner and with due regard to maintaining confidential information obtained during the course of its information gathering activities.
Adopted: July 2007
