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  • GR-5.5 GR-5.5 Key Provisions for Overseas Investment Firm Licensees

    • GR-5.5.1

      In the case of overseas investment firm licensees, the licensee must notify the CBB of any new significant ownership in excess of 50% of the issued and paid up capital of the concerned licensee s direct parent undertaking as soon as the licensee becomes aware of the change (see Paragraph BR-2.2.23A). The overseas investment firm licensee must provide a copy of the relevant approval by the home supervisor of the parent. The CBB will take the appropriate action in such case.

      Added: October 2015

    • GR-5.5.2

      In assessing the suitability of a controller of the parent of an overseas investment firm licensee, the CBB will take into regard that the change in control poses no undue risks to the licensee or its customers, and is not damaging to the interests of the market.

      Added: October 2015

    • GR-5.5.3

      Overseas investment firm licensees must submit, within 3 months of their financial year-end, a report on their controllers. This report must identify all controllers of the branch, and details of the type of control (See BR-1.4.1).

      Added: October 2015

    • GR-5.5.4

      For overseas investment firm licensees, the controller is the direct parent undertaking. Any material changes as outlined in Paragraph GR-5.5.1, to the control of the direct parent undertaking must be filed through submission of an updated Form 2 to the CBB.

      Added: October 2015