• INMA Part 3.1 INMA Part 3.1 General

    • INMA 3.1.1 Governing body's responsibilities

      (1) An INMA firm’s governing body must consider whether the minimum financial resources required by these rules are adequate to ensure that there is no significant risk that the firm’s liabilities cannot be met as they fall due. The firm must obtain additional financial resources if its governing body considers that the minimum required does not adequately reflect the risks of its business.
      (2) The governing body is also responsible for:
      (a) ensuring that the management of the firm’s financial resources is part of the firm’s overall risk management, and is aligned with the nature, scale and complexity of its business and its risk profile and risk appetite;
      (b) ensuring that the firm has, at all times, financial resources of the kinds and amounts required by these rules; and
      (c) monitoring the adequacy and appropriateness of the firm’s systems and controls and the firm’s compliance with them.
      Derived from QFCRA RM/2014-4 (as from 1st January 2015).

    • INMA 3.1.2 Systems and controls

      (1) An INMA firm must have adequate systems and controls to enable it to calculate and monitor its financial resources, and its compliance with the requirements of this Chapter.
      (2) The systems and controls must be in writing and must be appropriate for the nature, scale and complexity of the firm's business and its risk profile.
      (3) The systems and controls must enable the firm to show at all times whether it complies with this Chapter.
      (4) The systems and controls must enable the firm to manage its financial resources in anticipation of events or changes in market conditions.
      (5) The firm must have contingency arrangements to maintain or increase its financial resources in times of stress.
      Derived from QFCRA RM/2014-4 (as from 1st January 2015).