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  • MIR-3.7 MIR-3.7 Criteria to Determine Failure to Discharge Duties or Functions by Approved Persons

    • MIR-3.7.1

      The CBB may, in determining whether approved persons have taken reasonable steps to discharge their duties, have regard to whether or not the approved person:

      (a) Ensured the proper functioning of the member;
      (b) Ensured the compliance of the member with any relevant laws or regulations of any jurisdiction in which it is incorporated, or in which it provides its regulated activities;
      (c) Set out and ensured compliance with written policies on all operational areas of the member, including its financial policies, accounting and internal controls, internal auditing and compliance with all laws and rules governing the operations of the member in general, and rules of protection of its clients assets in particular;
      (d) Identified, monitored and addressed the risks associated with the business of the member;
      (e) Ensured that the regulated activities of the member were subject to adequate internal audit;
      (f) Oversaw the financial undertakings or exposure of the member to risks of any nature by setting out proper delegation limits and risk management controls; and
      (g) Ensured:
      1. That the member maintained written records of the steps taken by it to monitor compliance with its policies, the limits on discretionary powers and its accounting and provided relevant procedures; and
      2. That every report, return or statement submitted by the member to the CBB was complete and accurate.
      Amended: April 2013
      Adopted January 2010