There are ongoing supervisory requirements that Bureaux de Change and Money Transmission Businesses must comply with.
These are contained in the “Authorisation Requirements and Standards” imposed at the time of a firm’s initial authorisation.
This section highlights some of these requirements and how they are dealt with.
The following list is not exhaustive and is intended to serve as a guide.
If any Bureaux de Change or Money Transmission Business is unclear about its obligations they should contact the Investment Service Providers Supervision Department. Contact details are available in the Contact Us section.
Change of Director/Manager
Any change of director/manager should be notified to the Financial Regulator.
This includes both proposed appointments and resignations. All proposed appointees are subject to the ‘Fitness & Probity’ regime as outlined in the Supervision Process section
Change in Qualifying Holding
Changes to qualifying holdings in Bureaux de Change and Money Transmission Businesses are subject to the approval of the Financial Regulator; details of the exact requirements are set out in the requirements and standards imposed at the time of authorisation.
Firms are obliged to advise the Financial Regulator on an annual basis of their ownership structure.
Change of Address
Any change of address by a firm must be notified in advance to the Investment Service Providers Supervision Department. This will allow us to update our records and systems on a timely basis.
Pricing
Section 149 of the Consumer Credit Act, 1995 provides that the prior approval of the Consumer Director of the Financial Regulator is required for any changes to the charging structure of a Bureau de Change or Money Transmission Business.
Other changes
If there is uncertainty regarding whether a change constitutes a material change for supervisory purposes you should contact the Investment Service Providers Supervision Department directly. Contact details are available in the Contact Us section.