• CTRL 4.1.1 CTRL 4.1.1 What is an authorised firm’s senior management?

    An authorised firm’s senior management is 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 Guidance

      1 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)