GEN 7.6 GEN 7.6 Application for Authorised Individual status
In submitting applications for
Authorised Individualstatus, both the individual and Authorised Firmmust complete and submit the appropriate form in AFN.
When an individual and an
Authorised Firmapply to the DFSAfor that individual to be an Authorised Individual, the individual must satisfy the DFSAthat 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 Functionsif the DFSAis satisfied that the individual is fit and proper to be an Authorised Individual. In making this assessment, the DFSAwill 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 7.6.3 Guidance
Section 2.3 of the RPP Sourcebook sets out matters which the
DFSAtakes into consideration when making an assessment of the kind under Rule 7.6.3.
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.
In assessing an application for
Authorised Individualstatus, the DFSAmay:(a) make any enquiries which it considers appropriate, including enquiries independent of the applicant;(b) require the individual or Authorised Firmto provide additional information;(c) require any information provided by the individual or Authorised Firmto be verified in any way specified by the DFSA; and(d) take into account any information which it considers appropriate.
Authorised Firmmust not permit an individual to perform a Licensed Functionon its behalf, except as permitted by section 11.6, unless that individual is an Authorised Individualwho has been assessed by the Authorised Firmas competent to perform that Licensed Functionin accordance with Rule 7.6.7.
In assessing the competence of an individual, an
Authorised Firmmust:(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 Functionor Licensed Functionsperformed, 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'srelevant 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.
Authorised Firmmust 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 7.6.9 GEN 7.6.9
Authorised Firmis responsible for the conduct of its Authorised Individualsand for ensuring that they remain fit and proper to carry out their role.
Before lodging an application with the
DFSA, an Authorised Firmmust make reasonable enquiries as to an individual's fitness and propriety to carry out a Licensed Function.
Authorised Firmmust 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
Authorised Firmmust have appropriate arrangements in place to ensure that an individual assessed as being competent under Rule 7.6.6 maintains his competence.
GEN 7.6.13 GEN 7.6.13
Authorised Firmmust ensure, in the case of individuals seeking to perform the Licensed Functionsof Senior Executive Officer, Money Laundering Reporting Officeror 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
DFSAmay be satisfied where the individual can demonstrate receipt of appropriate training specifically relevant to such requirements.
GEN 7.6.15(1) An
Authorised Firmmust 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.