A formal application requires the submission of a Q02 form, Q03 forms for each person that will be performing a Controlled Function, procedure manuals and other documentation to the QFCRA, in the meantime, they will also submit a CRO form to the QFCA for licensing.
The QFCRA will review the submission. If the application is materially complete an invoice for our fees will be sent to the applicant. Even though an application may be materially complete there will likely be a number of questions or clarifications that the QFCRA will require.
Usually, there will be a list of post-authorisation items that a firm will be required to do after the QFCRA provides an authorisation (for example have the staff in place, office prepared, update certain manuals, etc.) before the firm will be allowed to become operational. This will be agreed with the applicant before the authorisation recommendation is submitted to the QFCRA’s management for review.
If the Authorisation is approved, then the QFCRA’s Public Register is updated to include the firm, a copy of its Scope of Authorisation, and information on every individual approved for a Controlled Function. It will note that a firm is “Authorised – not yet commenced Regulated Activities”. The firm must complete the post-authorisation items agreed as part of the Authorisation process, once completed the firm’s status will be changed to “Authorised” and can commence Regulated Activities.
For more information please contact us:
Phone: +974 4495 6888