• CTRL Part 6.3 CTRL Part 6.3 Compliance oversight function

    • CTRL 6.3.1 Which firms must have compliance oversight function?

      An authorised firm must establish and maintain a compliance oversight function that is appropriate to the nature, scale and complexity of the firm’s business.

       

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

    • CTRL 6.3.2 Which firms must have individual to exercise compliance oversight function?

      (1) An authorised firm must have an individual who is approved to exercise the compliance oversight function for the firm.
      (2) The individual who is approved to exercise the compliance oversight function for the following firms must be ordinarily resident in Qatar:
      (a) a QFC bank;
      (b) a QFC insurer (other than a QFC captive insurer) that is incorporated under the Companies Regulations.

       

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

    • CTRL 6.3.3 What makes up authorised firm’s compliance oversight function?

      (1) An authorised firm’s compliance oversight function is made up of:
      (a) the individual who is approved to exercise the compliance oversight function for the firm;
      (b) any other employees allocated responsibilities within the function;
      (c) the part of the firm’s resources (other than staff) allocated to the function;
      (d) the firm’s compliance policies and procedures; and
      (e) the records that the firm keeps in relation to compliance matters.
      Note Appropriate records must be kept of policies and procedures — see GENE, rule 6.1.1.
      (2) The purposes of an authorised firm’s compliance oversight function are the following:
      (a) to ensure that the firm complies with:
      (i) decisions of the Regulatory Authority;
      (ii) the firm’s internal policies, procedures and controls; and
      (iii) requirements and standards applicable to the firm under the law applicable in the QFC or any other applicable law;
      (b) to ensure that the firm’s business is conducted ethically and responsibly;
      (c) to minimise the risk of the firm or its facilities being used in the furtherance of financial crime.
      Guidance
      The compliance oversight function includes:
      • monitoring and assessing the adequacy and effectiveness of the firm’s compliance policies and procedures
      • participating in the process of approving new products or significant changes to existing products
      • monitoring and assessing the extent to which it complies with those policies and procedures
      • monitoring and assessing the adequacy and effectiveness of measures taken to correct any deficiencies
      • reporting to the firm’s governing body as necessary
      • maintaining and updating the firm’s compliance policies and procedures in conjunction with the firm’s senior executive function and senior management
      • providing advice and support to the firm’s senior executive function and senior management about compliance issues.
      Note For the meaning of financial crime, see the Glossary.

       

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