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  • Voluntary Surrender

    • AU-4.4.1

      According to Article 50 of the CBB Law, all requests for the voluntary surrender of a license are subject to CBB approval. Such requests must be made in writing and must set out in full the reasons for the request and how the voluntary surrender is to be carried out. Requests must be addressed to the concerned Executive Director at the CBB.

      April 2016

    • AU-4.4.2

      Licensees must satisfy the CBB that their customers' interests are to be safeguarded during and after the proposed voluntary surrender. The requirements contained in Chapter GR-9 regarding cessation of business must be satisfied.

      April 2016

    • AU-4.4.3

      Failure to comply with Rule AU-4.4.1 may constitute a breach of Article 50(a) of the CBB Law. The CBB will only approve a voluntary surrender where it has no outstanding regulatory concerns and any relevant customers' interests would not be prejudiced. A voluntary surrender will not be accepted where it is aimed at preempting supervisory actions by the CBB. Also, a voluntary surrender will only take effect once the licensee, in the opinion of the CBB, has discharged all its regulatory responsibilities to customers.

      April 2016

    • AU-4.4.4

      In accordance with Articles 50(a) and 51(a) of the CBB Law, a licensee wishing to cancel an authorisation for a service or a branch must obtain the CBB's prior written approval. The requirements contained in Chapter GR-9 regarding cessation of business must be satisfied.

      April 2016