Back Custom print Link Text Only Rich Text Print

  • AU-4.4 AU-4.4 Variations to a License

    • AU-4.4.1

      As per Article 48 of the CBB Law, licensees must seek prior CBB approval before undertaking new regulated financing company services.

      January 2013

    • AU-4.4.2

      Failure to secure CBB approval prior to undertaking a new regulated activity may lead to enforcement action being taken against the concerned person. This is supported by Article 40 of the CBB law.

      January 2013

    • AU-4.4.3

      In addition to any other information requested by the CBB, and unless otherwise directed by the CBB, a licensee requesting CBB approval to undertake a new regulated financing company service must provide the following information:

      (a) A summary of the rationale for undertaking the proposed new activities;
      (b) A description of how the new business will be managed and controlled;
      (c) An analysis of the financial impact of the new activities; and
      (d) A summary of the due diligence undertaken by the Board and management of the licensee on the proposed new activities.
      January 2013

    • AU-4.4.4

      The CBB may amend or revoke a licence in any of the following cases:

      (a) If the licensee fails to satisfy any of the license conditions;
      (b) If the licensee violates the terms of these rules or any of the Volume's directives;
      (c) If the licensee fails to start business within six months from the date of the licence;
      (d) If the licensee ceases to carry out the licensed activity in the Kingdom; or
      (e) The legitimate interests of the customers or creditors of a licensee required such amendment or cancellation.
      January 2013

    • AU-4.4.5

      The CBB's procedures for amending or revoking a license is outlined in detail in the Enforcement Module (EN).

      January 2013