• 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 a controller or a new controller (as defined in Section GR-5.2).

      May 2011

    • 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.

      May 2011

    • 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.

      May 2011

    • GR-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, the licensee must notify the CBB no later than 15 calendar days on which those changes have occurred.

      Amended: January 2017
      May 2011

    • 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.

      May 2011

    • 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.

      May 2011

    • GR-5.1.7

      The approval process is specified in Section GR-5.4.

      May 2011

    • GR-5.1.8

      Licensees must submit, within 3 months of their financial year-end, a report on their controllers. This report must identify all controllers of the licensee, as defined in Section GR-5.2.

      May 2011