CRA-10.2 CRA-10.2 Notification Requirements
General Requirements
CRA-10.2.1
All notifications and approvals required in this Module are to be submitted by
licensees in writing.Added: April 2019CRA-10.2.2
In this Module, the term 'in writing' includes electronic communication capable of being reproduced in paper form.
Added: April 2019CRA-10.2.3
Where a l
icensee is required to make notifications to the CBB or seek its approval under the requirements of this Rulebook, it must make the notification or seek approval immediately after it becomes aware of such a requirement.Added: April 2019Matters Having a Serious Supervisory Impact
CRA-10.2.4
Licensees must notify the CBB if any of the following has occurred, may have occurred or may occur in the near future:(a) Thelicensee failing to satisfy one or more of the requirements specified in this Module;(b) Any matter which could have a significant adverse impact on thelicensee's reputation;(c) Any matter which could affect thelicensee's ability to continue to provide adequate services to its customers and which could result in serious detriment to a customer of thelicensee ;(d) Any matter in respect of thelicensee that could result in material financial consequences to the financial system or to otherlicensees ;(e) A significant breach of any provision of the Rulebook;(f) A breach of any requirement imposed by the relevant law or by regulations or an order made under any relevant law by the CBB; or(g) If alicensee 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. Such notification must be immediately made to the CBB.Amended: April 2023
Added: April 2019CRA-10.2.5
The circumstances that may give rise to any of the events in Paragraph CRA-10.2.5 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 consider properly all potential consequences of events.Added: April 2019CRA-10.2.6
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 indirectly have an effect on thelicensee .Added: April 2019Legal, Professional, Administrative or other Proceedings Against a Licensee
CRA-10.2.7
Licensees must notify the CBB immediately of any legal, professional or administrative or other proceedings instituted against it or its substantial shareholder that is known to thelicensee and is significant in relation to thelicensee 's financial resources or its reputation.Amended: April 2023
Added: April 2019CRA-10.2.8
Licensees must notify the CBB of the bringing of a prosecution for, or conviction of, any offence under any relevant law against thelicensee that would prevent thelicensee from undertaking its activities in fair, orderly and transparent manner or any of its Directors, officers or approved persons from meeting the fit and proper requirements of Section CRA-1.7.Added: April 2019Fraud, Errors and other Irregularities
CRA-10.2.9
Licensees must notify the CBB immediately if one of the following events arises:(a) It becomes aware that an employee may have committed fraud against one of its clients;(b) It becomes aware that a person, whether or not employed by it, is acting with intent to commit fraud against it;(c) It identifies irregularities in its accounting or other records, whether or not there is evidence of fraud;(d) It suspects that one of its employees may be guilty of serious misconduct concerning his honesty or integrity and which is connected with thelicensee 's regulated activities; or(e) Any conflicts of interest.Amended: April 2023
Added: April 2019Insolvency, Bankruptcy and Winding Up
CRA-10.2.10
A
licensee must notify the CBB immediately of any of the following events:(a) The calling of a meeting to consider a resolution for winding up thelicensee or a substantial shareholder of thelicensee ;(b) An application to dissolve a substantial shareholder of thelicensee or to strike thelicensee off the Register ofcrypto-asset licensee ;(c) The presentation of a petition for the winding up of a substantial shareholder of thelicensee ;(d) The making of any proposals, or the making of, a composition or arrangement with any one or more of thelicensee's creditors, for material amounts of debt;(e) An application for the appointment of an administrator or trustee in bankruptcy to a substantial shareholder of thelicensee ;(f) The appointment of a receiver for a substantial shareholder of thelicensee (whether an administrative receiver or a receiver appointed over particular property); or(g) An application for an interim in relation to a substantial shareholder of thelicensee under the applicable Bankruptcy laws.Amended: April 2023
Added: April 2019External Auditor
CRA-10.2.11
Licensees must notify the CBB of the following:(a) Removal or resignation of its external auditor; or(b) Change in audit partner.Added: April 2019Approved Persons
CRA-10.2.12
[This Paragraph was deleted in April 2023].
Deleted: April 2023
Added: April 2019CRA-10.2.13
[This Paragraph was deleted in April 2023].
Deleted: April 2023
Added: April 2019CRA-10.2.14
[This Paragraph was deleted in April 2023].
Deleted: April 2023
Added: April 2019CRA-10.2.15
[This Paragraph was deleted in April 2023].
Deleted: April 2023
Added: April 2019
