RPP 2-2-13

Past version: effective from 28/04/2011 - 04/07/2012
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Notwithstanding that individuals performing Licensed Functions are required to be Authorised Individuals and that an Authorised Firm is required to appoint certain Authorised Individuals to certain functions as stated in chapter 7 of the GEN module, the DFSA may also consider:

(a) the collective suitability of all of the Authorised Firm's staff taken together, and whether there is a sufficient range of individuals with appropriate knowledge, skills and experience to understand, operate and manage the Authorised Firm's affairs in a sound and prudent manner;
(b) the composition of the Governing Body of the Authorised Firm, including the presence of non-executive members, taking into consideration the nature, size and complexity of the Authorised Firm's activities, the generally accepted standards of corporate governance applicable to the relevant industry, and the position of the Authorised Firm in any Group to which it belongs;
(c) the individual or collective suitability of any Person or Persons connected with the Authorised Firm;
(d) the extent to which the Authorised Firm has robust human resources policies designed to ensure high standards of conduct and integrity in the conduct of its activities; and
(e) whether the Authorised Firm has appointed auditors, actuaries and advisers with sufficient experience and understanding in relation to the nature of the Authorised Firm's activities.
Derived from DFSA GM8/2011 (Made 28th April 2011). [VER 1/02-11]