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Where a significant element of judgement is required to assess compliance with a requirement, the CBB will usually discuss the matter with the authorised personG concerned, before using one of this Module's enforcement mechanisms. This is likely to be the case, for example, with respect to requirements for adequate systems and controls. Conversely, where there are clear-cut contraventions of CBB requirements, then the CBB will usually resort immediately to one or more of these enforcement mechanisms outlined in this Module. This is more likely to occur in cases where quantitative requirements — such as those relating to capital adequacy — are concerned. In most such cases, though, the CBB also expects to continue an active dialogue with the person concerned, aimed at remedying the contravention.

Amended: January 2007
(2 Versions)
Up to Jun 30 2007Jul 1 2007 onwards
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