Fit and Proper Requirements
MIR-3.1.4
Licensees seeking anapproved person authorisation for an individual, must satisfy the CBB that the individual concerned is 'fit and proper' to undertake thecontrolled function in question.Amended: July 2016
Amended: April 2013
Adopted January 2010MIR-3.1.5
The CBB may, on being provided sufficient evidence of a
member's risk management system and internal controls commensurate with its scale of operations and business plan, exempt amember from any of the requirements of rules MIR-3.1.2 and MIR-3.1.3.Amended: July 2016
Adopted January 2010MIR-3.1.6
In accordance with Subparagraph MIR-3.1.2(e), every member must appoint a Compliance Officer. The Compliance Officer is responsible for discharging the legal and regulatory obligations of such member.
Added: April 2013MIR-3.1.7
In accordance with Paragraph MIR-3.1.6:
(a) The Compliance Officer should be competent and knowledgeable regarding the CBB Law, rules and regulations, as well as thebusiness rules of theSRO and the various applicable Volume 6 Modules;(b) The Compliance Officer shall:(i) Monitor the transactions undertaken by themember , its representatives, orparticipants ;(ii) Identify disorderly transactions or conduct that may involve market abuse or disruption;(iii) Identify and monitor transactions undertaken by insiders dealing through or with themember ;(iv) Identify any breach of CBB Law, rules and regulations; and(v) Identify any breach of the rules of theSRO .Added: April 2013MIR-3.1.8
The Compliance Officer shall on the identification of any breach referred to in Paragraph MIR-3.1.7 (b), report such breach to the CBB without delay for the investigation and prosecution of
market abuse and shall provide full assistance to the latter in investigating and prosecuting market abuse occurring on or through themember .Added: April 2013