23 CRR-NY 200.10NY-CRR
23 CRR-NY 200.10
23 CRR-NY 200.10
200.10 Material change to business.
(a) Each licensee must obtain the superintendent’s prior written approval for any plan or proposal to introduce or offer a materially new product, service, or activity, or to make a material change to an existing product, service, or activity, involving New York or New York residents.
(b) A “materially new product, service, or activity” or a “material change” may occur where:
(1) the proposed new product, service, or activity, or the proposed change may raise a legal or regulatory issue about the permissibility of the product, service, or activity;
(2) the proposed new product, service, or activity, or the proposed change may raise safety and soundness or operational concerns; or
(3) a change is proposed to an existing product, service, or activity that may cause such product, service, or activity to be materially different from that previously listed on the application for licensing by the superintendent.
(c) The licensee shall submit a written plan describing the proposed materially new product, service, or activity, or the proposed material change, including a detailed description of the business operations, compliance policies, and the impact on the overall business of the licensee, as well as such other information as requested by the superintendent.
(d) If a licensee has any questions about the materiality of any proposed new product, service, or activity, or of any proposed change, the licensee may seek clarification from the department prior to introducing or offering that new product, service, or activity or making that change.
23 CRR-NY 200.10
Current through June 30, 2022
| End of Document |
IMPORTANT NOTE REGARDING CONTENT CURRENCY: The "Current through" date indicated immediately above is the date of the most recently produced official NYCRR supplement covering this rule section. For later updates to this section, if any, please: consult editions of the NYS Register published after this date; or contact the NYS Department of State Division of Administrative Rules at [email protected]. See Help for additional information on the currency of this unofficial version of NYS Rules.