1. What are the residency requirements for approved individuals?
The Senior Executive Function for all authorised institutions must be carried out by an individual who is resident in the State. As regards the other Control Functions, residency depends on the nature, scale and complexity of the proposed business and will be agreed with the Regulatory Authority.
2. What are the fitness and propriety criteria for approved individuals?
In considering an individual’s fitness and propriety, the firm should consider that individual’s:
- honesty, integrity and reputation;
- competence and capability; and
- financial soundness. A firm’s obligations in this respect are set out in the Individuals Rules.
3. Are there required levels of experience and qualifications?
Specific functions require certain competencies – for example, the Compliance Oversight Function or the Finance Function. Applicants are expected to demonstrate their competence to perform these roles for Authorised Firms activities.
Additionally, an Authorised Firm must consider the individual to be able to competently apply his experience and knowledge, and must document and retain records of its assessment of the individual accordingly.
4. Are there ongoing requirements for approved individuals?
Individuals must remain fit and proper at all times. The QFC Regulatory Authority must be notified of any changes to an individual’s circumstances where the rules require it, or where the QFC Regulatory Authority would otherwise reasonably expect to be informed. If in doubt, report it.
5. Are details of approved individuals made public?
Yes. The QFC Regulatory Authority is a transparent regulator and is required under Article 18 of the Financial Services Regulations to make public certain registers and other information.
The QFC Regulatory Authority makes public its register of approved individuals, which details all individuals approved by the QFC Regulatory Authority to carry out a Controlled Function at an Authorised Firm. The register details which Controlled Functions an individual is permitted to carry out in relation to each Authorised Firm. Disciplinary actions against individuals and firms are also made public.