PB-B PB-B Scope of Application
PB-B.1 PB-B.1 Scope of Application
PB-B.1.1
The 10 Principles of Business apply to all CBB
specialised licensees , in accordance with Paragraph PB-B.1.2. Principles 1-8 also apply to allapproved persons , in accordance with Paragraph PB-B.1.5.October 2010PB-B.1.2
These principles are addressed to all
specialised licensees (where applicable).October 2010PB-B.1.3
Principles 1 to 10 apply to activities carried out by the
specialised licensee , including activities carried out through overseas branches (if any).October 2010PB-B.1.4
The CBB expects
specialised licensees to take into account any activities of other members of thegroup of which thespecialised licensee is a member for Principles 9 and 10.October 2010PB-B.1.5
Principles 1 to 8 apply to
approved persons in respect of thecontrolled function for which they have been approved.October 2010PB-B.1.6
Principles 1 to 8 do not apply to behaviour by an
approved person with respect to any other functions or activities they may undertake. However, behaviour unconnected to theircontrolled function duties may nonetheless be relevant to an assessment of that person's fitness and propriety.October 2010PB-B.1.7
The CBB's requirements regarding
approved persons andcontrolled functions are located in Module AU (Authorisation).October 2010PB-B.2 PB-B.2 Non-compliance
PB-B.2.1
Breaching a Principle of Business makes the
specialised licensee orapproved person concerned liable to enforcement action. In the case of alicensee , this may call into question whether they continue to meet the licensing conditions (see Chapter AU-2). In the case of anapproved person , this may call into question whether they continue to meet the 'fit and proper' requirements for the function for which they have been approved (see Chapter AU-3).October 2010PB-B.2.2
Module EN (Enforcement) sets out the CBB's policy and procedures on enforcement action.
October 2010
