GR-5.1 GR-5.1 Key Provisions
GR-5.1.1
Whenever they are aware of such cases,
licensees must obtain prior approval from the CBB, as required under Paragraph BR-2.3.8, for any changes in the percentage holding of acontroller or a newcontroller (as defined in Section GR-5.2).May 2011GR-5.1.1A
Licensees must not incur or otherwise have an exposure (either directly or indirectly) to theircontrollers , includingsubsidiaries andassociated companies of suchcontrollers .Added: April 2019GR-5.1.1B
For the purpose of Paragraph GR-5.1.1A,
licensees that already have an exposure tocontrollers 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 2019GR-5.1.2
Articles 52 to 56 of the CBB Law require notification to the CBB of all
controllers oflicensees and of listed companies; it further gives the CBB the right to refuse approval ofcontrollers if deemed damaging to the interests of the market, customers, or in contravention of the criteria set by the CBB.May 2011GR-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 intendedcontroller , and by thelicensee where it is aware of the change.May 2011GR-5.1.4
If, as a result of circumstances outside the
licensee's knowledge and/or control, changes specified in Paragraph GR-5.1.1 are triggered prior to CBB approval being sought or obtained, thelicensee must notify the CBB no later than 15 calendar days on which those changes have occurred.Amended: January 2017
May 2011GR-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 thelicensee or its customers, and is not damaging to the interests of the market, as defined in the suitability criteria forcontrollers , contained in Section GR-5.3.May 2011GR-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.May 2011GR-5.1.7
The approval process is specified in Section GR-5.4.
May 2011GR-5.1.8
Licensees must submit, within 3 months of their financial year-end, a report on theircontrollers . This report must identify allcontrollers of thelicensee , as defined in Section GR-5.2.May 2011