Before ACE Investment Brokers Ltd changes its trading name to ACE Investments, which action must be taken first?

• A. Seek the prior agreement of the Central Bank to the new trading name.
• B. Submit a revised business plan to the Central Bank.
• C. Register the new trading name with the Competition and Consumer Protection Commission.
• D. Notify the Central Bank in writing.

Answer: (D)

The key idea here is that regulatory bodies require formal notice of any plan to change how a licensed firm presents itself, so they can keep supervision records accurate and ensure the new name won’t affect authorization or consumer protection. Notifying the Central Bank in writing establishes a formal trail that the regulator uses to review and, if needed, guide any further steps. This upfront notice helps prevent issues later, such as delays in updates to licensing or confusion about who is operating under the new name.

The other options aren’t the immediate step the regulator expects. Submitting a revised business plan isn’t tied to simply changing a name, and seeking prior agreement isn’t the required first action in this context. Registering the new name with the Competition and Consumer Protection Commission isn’t the central regulatory step for a trading name change and wouldn’t satisfy the immediate need to inform the supervisor.