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  • Matters Having a Serious Supervisory Impact

    • BR-2.2.1

      A licensee must notify the CBB if any of the following has occurred, may have occurred or may occur in the near future:

      (a) The licensee failing to satisfy one or more of the Principles of Business referred to in Module PB;
      (b) Any matter which could have a significant adverse impact on the licensee's reputation;
      (c) Any matter which could affect the licensee's ability to continue to provide adequate services to its customers and which could result in serious detriment to a customer of the licensee;
      (d) Any matter in respect of the licensee that could result in material financial consequences to the financial system or to other licensees;
      (e) A breach of any requirement imposed by law, regulation, directive or any other instruction issued by the CBB;
      (f) If a licensee becomes aware, or has information that reasonably suggests that it has or may have provided the CBB with information that was or may have been false, misleading, incomplete or inaccurate, or has or may have changed in a material way; or
      (g) If the licensee intends to suspend any or all the licensed regulated services or ceases business, setting out how it proposes to do so and, in particular, how it will treat any of its liabilities (ref GR-9.1.2).
      April 2016

    • BR-2.2.2

      The circumstances that may give rise to any of the events in Paragraph BR-2.2.1 are wide-ranging and the probability of any matter resulting in such an outcome, and the severity of the outcome, may be difficult to determine. However, the CBB expects licensees to properly consider all potential events and consequences that may arise from them.

      April 2016

    • BR-2.2.3

      In determining whether an event that may occur in the near future should be notified to the CBB, a licensee should consider both the probability of the event happening and the severity of the outcome should it happen. Matters having a supervisory impact could also include matters relating to a controller that may directly or indirectly have an effect on the licensee.

      April 2016