In accordance with Article 125 of the CBB Law, a written notice of a financial penalty must be issued before imposing any financial penalty. The written notice must contain the following information:
(a) The violations committed by the licensee with respect to the CBB Law; the CBB Rulebook; any Directions, Warnings or Formal Requests for Information; or violations of the terms and conditions of the license issued to the licensee;
(b) Evidence or proof to support the above;
(c) The level of financial penalty to be imposed; and
(d) The grace period to be allowed to the licensee for challenging the intended penalty (which will not be less than 30 calendar days).