New York Codes, Rules and Regulations
Title 23 - FINANCIAL SERVICES
Chapter I - Regulations of the Superintendent of Financial Services
Part 200 - VIRTUAL CURRENCIES
Section 200.10 - Material change to business
Current through Register Vol. 45, No. 13, March 29, 2023
(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:
(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.
Adopted New York State Register June 24, 2015/Volume XXXVII, Issue 25, eff.6/24/2015