On Mar. 3, 2025, BHR CB published new final Fit and Proper Requirements (FP) Module under the Common Volume of the CBB Rulebook, applicable to CBB licensees.
Document dated Mar. 3, 2025, received from BHR CB Mar. 5, summarized on Mar. 8.
It supersedes the existing Training and Competency Modules in the CBB Rulebook.
Changes re senior management, competency standards, compliance burden reduced without compromising standards, interim appointments, professional education.
BHR CB expects from licensees full compliance with Module FP, demonstration of robust governance, application of clear competency standards, records of decisions.
New prior approval requirements for board of directors and senior managers will take effect from Apr. 1, 2025; the other requirements are effective on Oct. 1, 2025.
On Oct. 17, BHR CB consulted on fit and proper requirements module.
BHR CB issued a consultation on Proposed new Fit and Proper Requirements Module.
Document dated Oct. 17, 2024, received from BHR CB Nov. 11, summarized Nov. 13.
Consultation Overview
As part of BHR CB's objective to develop the financial sector, it is issuing a consultation on proposed new Fit and Proper Requirements Module which will apply to all licensees.
Module presents requirements that should be met by licensees with regards to certain persons identified in Module with respect to fitness and propriety as specified in text.
Also Board directors and some senior management functions require BHR CB approval.
Proposed Module will supersede the Training and Competency Modules in the BHR CB Rulebook, and requirements for fit and proper under the Approved Persons Conditions in the Licensing Requirements Modules and the Authorization Modules of the Rulebook.
Also attached to the Circular is a questionnaire that licensees should complete for the BHR CB to get a better understanding of their readiness to adopt the new approach.
The proposed Module is available on BHR CB website within the Consultations section.
Effectiveness
All licensees must respond, including any nil comments, by email, by Nov. 14, 2024.
Mar. 2025 Module Issued
On Mar. 3, 2025, BHR CB published new final Fit and Proper Requirements (FP) Module under the Common Volume of the CBB Rulebook, applicable to CBB licensees.
Document dated Mar. 3, 2025, received from BHR CB Mar. 5, summarized on Mar. 8.
It supersedes the existing Training and Competency Modules in the CBB Rulebook.
Changes re senior management, competency standards, compliance burden reduced without compromising standards, interim appointments, professional education.
BHR CB expects from licensees full compliance with Module FP, demonstration of robust governance, application of clear competency standards, records of decisions.
New prior approval requirements for board of directors and senior managers will take effect from Apr. 1, 2025; the other requirements are effective on Oct. 1, 2025.
