Matters 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 2019
