Entire Section

  • GEN 11.6 GEN 11.6 Temporary cover

    • GEN 11.6.1

      (1) An Authorised Firm may, subject to (2), appoint an individual, who is not an Authorised Individual, to carry out the functions of an Authorised Individual where the following conditions are met:
      (a) the absence of the Authorised Individual is temporary or reasonably unforeseen;
      (b) the functions are carried out for 12 weeks maximum in any consecutive 12 months; and
      (c) the Authorised Firm has assessed that the individual has the relevant skills and experience to carry out these functions.
      (2) An Authorised Firm may not appoint under (1) an individual to carry out the Licensed Functions of a Licensed Director or Licensed Partner.
      (3) The Authorised Firm must take reasonable steps to ensure that the individual complies with all the Rules applicable to Authorised Individuals.
      (4) Where an individual is appointed under this Rule, the Authorised Firm must notify the DFSA in writing of the name and contact details of the individual appointed.

    • GEN 11.6.2

      Where an individual is appointed under this section, the DFSA may exercise any powers it would otherwise be entitled to exercise as if the individual held Authorised Individual status.