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Supervision and Authorisation
We are constantly reviewing the best way in which to configure our teams in order to deliver the optimum service and efficiency coupled with the appropriate level of oversight. As part of this process, our authorisation and supervision functions have recently been combined. Bringing together the authorisation and supervision work offered the opportunity to better organise our workflows and so capitalise on efficiencies.
While the overall responsibilities of the respective divisions have been retained in substance, the focused use of expertise and resources within the integrated division allows us to more effectively meet our regulatory objectives.
The combined division’s primary mission is to ensure that firms establishing in the QFC meet the highest standards of fitness and propriety and that, once authorised, operate in a safe and sound manner in accordance with international best practices and comply with all relevant laws, regulations and rules.
Now, as one division, Supervision and Autorisation is responsible for assessing and approving applications from firms and individuals seeking authorisation from the QFC Regulatory Authority, through to the subsequent monitoring of authorised firms. Our risk-based approach to supervision allows us to focus on issues most likely to impact on our supervisory objectives and to provide for a more efficient use of Regulatory Authority resources.
A further key function of the combined team remains the gathering of information about authorised firms and monitoring the activities undertaken within the QFC to ensure that firms, both licensed and authorised, only conduct activities that they are licensed or authorised to conduct.
The Application and Regulation process and guides
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