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.