REP 4.2 REP 4.2 Fitness and Propriety
Representative Officemust at all times be fit and proper to hold a Licence
REP 4.2.2(1) A
Representative Officemust at all times have a Principal Representativewho is resident in the UAEand who has satisfied the DFSAas to fitness and propriety.(2) If the Principal Representativeleaves the employment of a Representative Office, the Representative Officemust designate a successor as soon as possible, and in any event within 28 days.(3) If the DFSAconsiders that a Principal Representativedesignated under (1) or (2) is not fit and proper to fulfil the role for which he has been designated, it will give the Representative Officewritten notice to this effect.(4) On receipt of a notice under (3), a Representative Officemust within 28 days designate a new Principal Representativeand notify the DFSAaccordingly.
REP 4.2.3 REP 4.2.3
Representative Officemust ensure, as far as reasonably practical, that its Employeesare fit and proper.
REP 4.2.3 Guidance1. Section 2.3 of the RPP Sourcebook sets out matters which the
DFSAtakes into consideration when making an assessment of the kind under Rule 18.104.22.168. Where a Representative Officeis no longer fit and proper or where its Principal Representativeis no longer fit and proper, it will be in breach of the relevant Ruleand the DFSAmay take steps to withdraw its Licence. Section 2.3 of the RPP Sourcebook sets out matters which the DFSA takes into consideration when assessing fitness and propriety of a Principal Representative.