Entire Section

  • GEN 5.2 GEN 5.2 Allocation of significant responsibilities

    • Apportionment of significant responsibilities

      • GEN 5.2.1

        An Authorised Person must apportion significant responsibilities between the members of its Governing Body and its senior management and maintain such apportionment in such a way that:

        (a) it meets the corporate governance requirements in Rule 5.3.30;
        (b) it is appropriate with regard to:
        (i) the nature, scale and complexity of the business of the Authorised Person; and
        (ii) the ability and qualifications of the responsible individuals;
        (c) it is clear who is responsible for which matters; and
        (d) the business of the Authorised Person can be adequately monitored and controlled by the Authorised Person's Governing Body and senior management.

        [Amended]DFSA RM43/2007 (Made 1st June 2007). [VER14/06-07]
        Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM95/2012 (Made 14th June 2012). [VER29/06-12]

      • GEN 5.2.2 GEN 5.2.2

        An Authorised Person must allocate to the Senior Executive Officer or to the individual holding equivalent responsibility for the conduct for the Authorised Person's business or the Governing Body, the functions of:

        (a) dealing with the apportionment of responsibilities; and
        (b) overseeing the establishment and maintenance of systems and controls.

        Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]

        • GEN 5.2.2 Guidance

          Rules 5.2.1 and 5.2.2 do not derogate from the overall responsibility of the Governing Body in Rule 5.3.30(2).

          [Added]DFSA RM43/2007 (Made 1st June 2007). [VER14/06-07]
          [Amended] DFSA RM95/2012 (Made 14th June 2012). [VER29/06-12]

    • Recording of apportionment

      • GEN 5.2.3

        (1) An Authorised Person must establish and maintain an up-to-date record of the arrangements it has made to comply with Rules GEN 5.2.1 and GEN 5.2.2.
        (2) The record must show that the members of the Governing Body and the senior management are aware of and have accepted the responsibilities apportioned in accordance with GEN Rule 5.2.1.
        (3) Where a responsibility has been allocated to more than one individual, the record must show clearly how that responsibility is allocated between the individuals.
        (4) The record must be retained for six years from the date on which it was established or superseded by a more up-to-date record.

        Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM95/2012 (Made 14th June 2012). [VER29/06-12]