CTRL 4.1.1 CTRL 4.1.1 What is an authorised firm’s senior management?
An authorised firm’s
senior managementis made up of:(a) each individual (if any) who is approved to exercise any of the following controlled functions for the firm:(i) the senior executive function;(ii) the finance function;(iii) the senior management function;(iv) the MLRO function;(v) the risk management function;(vi) the compliance oversight function;(vii) the internal audit function;(viii) the actuarial function; and(b) any other individual who, in the Regulatory Authority’s opinion, has overall responsibility for the day-to-day management of the part or parts of the firm’s business in or from the QFC. Derived from QFCRA RM/2012-4 (as from 1st July 2013)
Amended by QFCRA RM/2020-4 (as from 1st July 2021)
CTRL 4.1.1 Guidance1 FSR article 31 provides that, subject to that article, the Regulatory Authority may:(a) impose or vary such conditions, restrictions and requirements on an authorisation as the Authority considers appropriate; or(b) require a person specified in the condition, restriction or requirement to take or refrain from taking such action as the Authority considers appropriate.2 For this Part, the powers in FSR article 31 enable the Authority, for example, to direct a firm:• to appoint, to exercise a controlled function, an individual who is ordinarily resident in Qatar even if this Part does not require the individual to be so resident• to appoint an individual to exercise a controlled function even if this Part does not require the firm to have such an individual.
Derived from QFCRA RM/2020-4 (as from 1st July 2021)