53. Applications for Authorised Individual status or for Extension of status
Past version: effective up to 20/08/2014
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(1) In this Chapter:
(a) "Authorised Firm" includes a person whose application for a Licence or application for extension of a Licence is being considered by the DFSA; and
(b) "director, officer, employee or agent" of a person includes a person who proposes to become a director, officer, employee or agent of a person.
(2) An application for Authorised Individual status of a director, officer, employee or agent of an Authorised Firm shall be made by:
(a) such director, officer, employee or agent; and
(b) the Authorised Firm for which the Licensed Function is to be performed under the terms of office, employment or agency between such Authorised Firm and such director, officer, employee or agent.
(3) Where a person holds Authorised Individual status in relation to Licensed Functions of an Authorised Firm, such Authorised Individual and Authorised Firm may apply to the DFSA to extend the scope of the Authorised Individual status to Licensed Functions other than those in respect of which the Authorised Individual already holds status.
(4) The DFSA shall make Rules containing the requirements which an application for Authorised Individual status must meet before such application can be accepted and authorisation granted by the DFSA. Such Rules shall include requirements relating to the fitness and propriety of applicants.
(5) The DFSA may make Rules providing for such requirements to be varied in cases where:
(a) an application is made to extend the scope of Authorised Individual status to Licensed Functions other than those in respect of which he already holds such status; or
(b) an application is made for grant of Authorised Individual status by and for an officer, employee or agent who is, at the time of application, regulated in a jurisdiction other than the DIFC to perform a role which is substantially similar to the Licensed Function in relation to which the application is made.
(6) The DFSA may make Rules:
(a) prescribing certain persons or categories of person to be exempted from the requirements referred to in Article 53(4); and
(b) providing for any such exemptions to be:
(i) limited to certain Licensed Functions or specified circumstances; and/or
(ii) subject to certain conditions and restrictions.