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

    • MAE-5.3.27

      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 licensed exchange;
      (b) Ensured the compliance of the licensed exchange 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 licensed exchange, including its financial policies, accounting and internal controls, internal auditing and compliance with all laws and rules governing the operations of the licensed exchange in general;
      (d) Identified, monitored and addressed the risks associated with the business of the licensed exchange;
      (e) Ensured that the regulated activities of the licensed exchange were subject to adequate internal audit;
      (f) Oversaw the financial undertakings or exposure of thelicensed exchange to risks of any nature by setting out proper delegation limits and risk management controls; and
      (g) Ensured:
      (i) That the licensed exchange 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
      (ii) That every report, return or statement submitted by the licensed exchange to the CBB was complete and accurate.
      Added: April 2013