What is the process for becoming authorized in your jurisdiction?
To obtain authorization, an applicant must go through a formal process, which involves the completion of required application forms and the submission of supporting information.
In most cases the CNB will have six months from receipt of a completed application by which to determine whether to approve the application.
The forms that must be completed for submission to the regulator and the supporting information to be attached thereto will depend on the nature of the regulated activities to be conducted.
Generally, the documents that the applicant must submit in addition to the application may include the applicant’s business plan, constitutional documents, financial statements, documents evidencing the origin of its financial resources, list of management personnel and documents relating thereto, proposals of management and control system, and organizational structure. Details about persons/entities who control or exert influence over the firm must also be submitted.