• AU-2.3 AU-2.3 Condition 3: Controllers

    • AU-2.3.1

      Licensees must satisfy the CBB that their controllers are suitable and pose no undue risks to the licensee. Licensees must also satisfy the CBB that their close links does not prevent the effective supervision of the licensee by the CBB and otherwise pose no undue risks to the licensee.

      January 2014

    • AU-2.3.2

      Chapter GR-4 contains the CBB's requirements and definitions regarding controllers.

      January 2014

    • AU-2.3.3

      In summary, controllers are persons who directly or indirectly are significant shareholders in a licensee, or who are otherwise able to exert significant influence on the licensee. The CBB seeks to ensure that controllers pose no significant risks to the licensee. In general terms, controllers are assessed in terms of their financial standing, their judicial and regulatory record, and standards of business and (where relevant) personal probity.

      January 2014

    • AU-2.3.4

      As regards group structures, the CBB seeks to ensure that these do not prevent adequate consolidated supervision being applied to financial entities within the group, and that other group entities do not pose any material financial, reputational or other risks to the licensee.

      January 2014

    • AU-2.3.5

      In all cases, when judging applications from existing groups, the CBB will have regard to the reputation and financial standing of the group as a whole. Where relevant, the CBB will also take into account the extent and quality of supervision applied to overseas members of the group and take into account any information provided by other supervisors in relation to any member of the group.

      January 2014