• CTRL 1.2.1 CTRL 1.2.1 What is a firm’s governing body?

    For these rules, an authorised firm’s governing body is:

    (a) in the case of a firm that is incorporated as a company or a limited liability partnership in the QFC, or is a partnership constituted under the Partnership Regulations 2007 — its board of directors or the body (whatever it is called) that, under the firm’s constitutional document, has the responsibility of overseeing the firm’s business in or from the QFC; and
    (b) in the case of a firm that is a branch:
    (i) the firm’s board of directors, or a committee of that board, that has the responsibility of overseeing the firm’s business in or from the QFC; or
    (ii) that part of the firm’s committee of management or other body (whatever it is called) that has the responsibility of overseeing the firm’s business in or from the QFC.
    Derived from QFCRA RM/2020-4 (as from 1st July 2021)

    • CTRL 1.2.1 Guidance

      This definition draws a distinction (for some purposes) between:

      • a firm that is incorporated or formed in the QFC; and
      • a firm that is incorporated or formed outside the QFC (that is, a branch).

      In the case of a branch, the firm’s board (wherever it is located) remains ultimately responsible for the oversight of the firm, but many policy decisions may be made by a part, or a delegate, of the firm’s board. These rules recognise that firms choose to allocate their responsibilities and undertake their business in different ways; these rules therefore place the responsibility for certain kinds of oversight on the firm’s board or the part or delegate of the board.

      Derived from QFCRA RM/2020-4 (as from 1st July 2021)