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  • GR-5.1 GR-5.1 Key Provisions

    • GR-5.1.1

      Licensees must obtain prior approval from the CBB for any of the following changes to their controllers (as defined in Section GR-5.2):

      (a) A new controller;
      (b) An existing controller increasing its holding from below 20% to above 20%;
      (c) An existing controller increasing its holding from below 50% to above 50%; and
      (d) An existing controller reducing its holding from above 50% to below 50%.
      October 2010

    • GR-5.1.1A

      Licensees must not incur or otherwise have an exposure (either directly or indirectly) to their controllers, including subsidiaries and associated companies of such controllers.

      Added: April 2019

    • GR-5.1.1B

      For the purpose of Paragraph GR-5.1.1A, licensees that already have an exposure to controllers must have an action plan agreed with the CBB's supervisory point of contact to address such exposures within a timeline agreed with the CBB.

      Added: April 2019

    • GR-5.1.2

      Articles 52 to 56 of the CBB Law require notification to the CBB of all controllers of licensees and of listed companies; it further gives the CBB the right to refuse approval of controllers if deemed damaging to the interests of the market, customers, or in contravention of the criteria set by the CBB.

      October 2010

    • GR-5.1.3

      Requests for approval under Paragraph GR-5.1.1 must be made by submitting a duly completed Form 2 (Application for Authorisation of Controller) to the CBB. Notification must be made by the controller or intended controller, and by the licensee where it is aware of the change.

      October 2010

    • GR-5.1.4

      If, as a result of circumstances outside the licensee's knowledge and/or control, one of the changes specified in Paragraph GR-5.1.1 is triggered prior to CBB approval being sought or obtained, the licensee must notify the CBB no later than 15 calendar days from the date on which those changes have occurred.

      Amended: January 2017
      October 2010

    • GR-5.1.5

      For approval under Rule GR-5.1.1 to be granted, the applicant must satisfy the CBB that the proposed change in controller poses no undue risks to the licensee or its customers, and is not damaging to the interests of the market, as defined in the suitability criteria for controllers, contained in Section GR-5.3.

      October 2010

    • GR-5.1.6

      An approval of controller is valid for the period specified in the approval letter issued by the CBB. The CBB may impose any restrictions that it considers necessary to be observed when granting its approval.

      October 2010

    • GR-5.1.7

      The approval process is specified in Section GR-5.4.

      October 2010