GEN 7.4 GEN 7.4 Licensed Functions and Authorised individuals
GEN 7.4.1(1) Pursuant to Article 43 of the
Regulatory Law2004, the functions specified in Rules 7.4.2 to 7.4.9 are Licensed Functions.(2) A Licensed Functionshall not include a function performed by a registered insolvency practitioner (subject to the restrictions defined within Article 88 of the Insolvency Law 2009) if the practitioner is:(a) acting as a nominee in relation to a company voluntary arrangement within the meaning of Article 8 of the Insolvency Law 2009;(b) appointed as a receiver or administrative receiver within the meaning of Article 14 of the Insolvency Law 2009;(c) appointed as a liquidator in relation to a members' voluntary winding up within the meaning of Article 32 of the Insolvency Law 2009;(d) appointed as a liquidator in relation to a creditors' voluntary winding up within the meaning of Article 32 of the Insolvency Law 2009; or(e) appointed as a liquidator or provisional liquidator in relation to a compulsory winding up within the meanings of Article 58 and 59 of the Insolvency Law 2009.(3) A Licensed Functionshall not include a function performed by an individual appointed to act as manager of the business of an Authorised Firmor Authorised Market Institutionas directed by the DFSAunder Article 88 of the Regulatory Law 2004.
Senior Executive Officer
Senior Executive Officerfunction is carried out by an individual who:(a) has, either alone or jointly with other Authorised Individuals, ultimate responsibility for the day-to-day management, supervision and control of one or more (or all) parts of an Authorised Firm's Financial Servicescarried on in or from the DIFC; and(b) is a Director, Partneror Senior Managerof the Authorised Firm.
Licensed Partnerfunction is carried out, in the case of an Authorised Firmwhich is a Partnershipor Limited Liability Partnership, by an individual specified in Rule 7.5.5.
Finance Officerfunction is carried out by an individual who is a Director, Partneror Senior Managerof an Authorised Firmwho has responsibility for the Authorised Firm'scompliance with the applicable Rulesin PINor PIB.
Compliance Officerfunction is carried out by an individual who is a Director, Partneror Senior Managerof an Authorised Firmwho has responsibility for compliance matters in relation to the Authorised Firm's Financial Services.
GEN 7.4.7 GEN 7.4.7
Senior Managerfunction is carried out by an individual who is responsible either alone or jointly with other individuals for the management, supervision or control of one or more parts of an Authorised Firm's Financial Serviceswho is:(a) an Employeeof the Authorised Firm; and(b) not a Directoror Partnerof the Authorised Firm.
GEN 7.4.7 Guidance
In respect of a
Fund, the DFSAwould expect the Fund Managerto appoint at least one individual other than the Senior Executive Officerto carry out Senior Managerfunctions in relation to the Fundsuch as managing operational risk and other internal controls.
Money Laundering Reporting Officer
Money Laundering Reporting Officerfunction is carried out by an individual who is a Director, Partneror Senior Managerof an Authorised Firmand who has responsibility for the implementation of an Authorised Firm'santi money laundering policies, procedures, systems and controls and day to day oversight of its compliance with the Rulesin AMLand any relevant anti money laundering legislation applicable in the DIFC.
GEN 7.4.9 GEN 7.4.9
Responsible Officerfunction is carried out by an individual who:(a) has significant responsibility for the management of one or more aspects of an Authorised Firm'saffairs;(b) exercises a significant influence on the firm as a result of (a); and(c) is not an Employeeof the Authorised Firm.
GEN 7.4.9 Guidance1. The
Licensed Functionof Responsible Officerapplies to an individual employed by a Controlleror other Groupcompany who is not an Employeeof the Authorised Firm, but who has significant responsibility for, or for exercising a significant influence on, the management of one or more aspects of the Authorised Firm'sbusiness.2. Examples of a Responsible Officermight include an individual responsible for the overall strategic direction of an Authorised Firmor a regional manager to whom a Senior Executive Officerreports and from whom he takes direction.
GEN 7.4.10 GEN 7.4.10
Authorised Individualmay perform one or more Licensed Functionsfor one or more Authorised Firms.
GEN 7.4.10 Guidance1. In considering whether to grant an individual
Authorised Individualstatus with respect to more than one Authorised Firm, the DFSAwill consider each Licensed Functionto be carried out and the allocation of responsibility for that individual among the Authorised Firms.2. In the above situation the DFSAwill need to be satisfied that the individual will be able to carry out his role effectively, is fit and proper to do so, and that there are no conflicts of interest or that any actual or potential conflicts of interest are appropriately managed.