43. Authorised Individuals and Licensed Functions

Past version: effective up to 20/08/2014
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(1) The DFSA shall make Rules prescribing Licensed Functions which may include the functions of senior officers or employees with material responsibility for both or either:
(a) managing an Authorised Firm; and
(b) the carrying on by an Authorised Firm of its Financial Services.
(2) The Licensed Functions of an Authorised Firm shall be carried out by its Authorised Individuals.
(3) An Authorised Firm shall take all reasonable steps to ensure that none of its officers, employees or agents performs a Licensed Function:
(a) without being authorised by the DFSA as an Authorised Individual in relation to such Licensed Function;
(b) contrary to a written notice issued by the DFSA under Article 58(1) or (2); or
(c) where Authorised Individual status has been suspended or withdrawn under Article 58(2), (3), (4) or (5).
(4) An Authorised Individual shall:
(a) act within the scope of his authority granted under his Authorised Individual status; and
(b) comply with any condition or restriction applicable to such status.
(5) A person who is not an Authorised Individual shall not represent that he is such a person.