Entire Section

  • GEN 7.6 GEN 7.6 Application for Authorised Individual status

    • GEN 7.6.1

      In submitting applications for Authorised Individual status, both the individual and Authorised Firm must complete and submit the appropriate form in AFN.

    • GEN 7.6.2

      When an individual and an Authorised Firm apply to the DFSA for that individual to be an Authorised Individual, the individual must satisfy the DFSA that he is a fit and proper person to carry out the role.

    • Consideration and assessment of applications

      • GEN 7.6.3 GEN 7.6.3

        An individual will only be authorised to carry on one or more Licensed Functions if the DFSA is satisfied that the individual is fit and proper to be an Authorised Individual. In making this assessment, the DFSA will consider:

        (a) the individual's integrity;
        (b) the individual's competence and capability;
        (c) the individual's financial soundness;
        (d) the individual's proposed role within the Authorised Firm; and
        (e) any other relevant matters.

      • GEN 7.6.4

        In Rule 7.6.3, an individual may not be considered as fit and proper where:

        (a) he is bankrupt;
        (b) he has been convicted of a serious criminal offence; or
        (c) he is incapable, through mental or physical incapacity, of managing his affairs.

      • GEN 7.6.5

        In assessing an application for Authorised Individual status, the DFSA may:

        (a) make any enquiries which it considers appropriate, including enquiries independent of the applicant;
        (b) require the individual or Authorised Firm to provide additional information;
        (c) require any information provided by the individual or Authorised Firm to be verified in any way specified by the DFSA; and
        (d) take into account any information which it considers appropriate.

      • GEN 7.6.6

        An Authorised Firm must not permit an individual to perform a Licensed Function on its behalf, except as permitted by section 11.6, unless that individual is an Authorised Individual who has been assessed by the Authorised Firm as competent to perform that Licensed Function in accordance with Rule 7.6.7.

      • GEN 7.6.7

        In assessing the competence of an individual, an Authorised Firm must:

        (a) obtain details of the knowledge and skills of the individual in relation to the knowledge and skills required for the role;
        (b) take reasonable steps to verify the relevance, accuracy and authenticity of any information acquired;
        (c) determine whether the individual holds any relevant qualifications with respect to the Licensed Function or Licensed Functions performed, or proposed to be to performed, within the Authorised Firm;
        (d) determine the individual's relevant experience; and
        (e) determine the individual's knowledge of the Authorised Firm's relevant systems and procedures with respect to the type of business that is to be, or is being, conducted by the individual on behalf of the Authorised Firm.

      • GEN 7.6.8

        An Authorised Firm must be satisfied that an Authorised Individual:

        (a) continues to be competent in his proposed role;
        (b) has kept abreast of relevant market, product, technology, legislative and regulatory developments; and
        (c) is able to apply his knowledge.

      • GEN 7.6.10

        Before lodging an application with the DFSA, an Authorised Firm must make reasonable enquiries as to an individual's fitness and propriety to carry out a Licensed Function.

      • GEN 7.6.11

        An Authorised Firm must not lodge an application if it has reasonable grounds to believe that the individual is not fit and proper to carry out the Licensed Function.

    • Systems and controls

      • GEN 7.6.13 GEN 7.6.13

        An Authorised Firm must ensure, in the case of individuals seeking to perform the Licensed Functions of Senior Executive Officer, Money Laundering Reporting Officer or Compliance Officer, that such individuals are able to demonstrate sufficient knowledge of relevant anti money laundering requirements.

        • GEN 7.6.13 Guidance

          In considering whether individuals have sufficient knowledge of relevant anti money laundering requirements, the DFSA may be satisfied where the individual can demonstrate receipt of appropriate training specifically relevant to such requirements.

          Derived from Notice of Amendments to Legislation April 2011 [VER27/02-11]
          [Amended] DFSA RM119/2013 (Made 14th July 2013). [VER33/07-13]

      • GEN 7.6.15

        (1) An Authorised Firm must keep records of the assessment process undertaken for each individual under this chapter.
        (2) These records must be kept for a minimum of six years from the date of the assessment.