1. The purpose of these notifications is to ensure that the Regulator is informed of any significant changes to the Authorised Person's corporate governance framework and Remuneration structure and strategies.
2. Significant changes that the Regulator expects Authorised Persons to notify to the Regulator pursuant to Rule 8.10.14 generally include:
a. any major changes to the composition of the Governing Body;
b. any changes relating to Persons Undertaking Key Control Functions, such as their removal or new appointments or changes in their reporting lines; and
c. significant changes to the Remuneration structure that apply to the members of the Governing Body, senior management, Persons Undertaking Key Control Functions and Major Risk-Taking Employees.
3. The Regulator expects Branches to provide to the Regulator notification of significant changes that are relevant to the Branch operations.