• INDI Chapter 6 INDI Chapter 6 Transitional

    • INDI 6.1.1 Definitions for Chapter 6

      conditionally approved individual means an individual to whom, at some time before 1 January 2015, an approval was granted under INDI 2005, rule 4A.4.2 (Conditional approval — individuals likely to acquire competencies for customer facing function within 12 months), if that approval would still have been in effect on 1 January 2015 had these rules not been made.

      INDI 2005 means the Individuals Rules 2005 (as in force immediately before 1 January 2015).

      Derived from QFCRA RM/2014-5 (as from 1st January 2015)

    • INDI 6.1.2 Approved individuals to remain approved

      If an individual was approved to perform a controlled function (other than the customer-facing function) at some time before 1 January 2015, and that approval has not been withdrawn, the individual continues to be an approved individual to perform that function.

      Amended by QFCRA RM/2019-4 (as from 1st January 2020).

    • INDI 6.1.3 Individuals approved for customer-facing function before 1 January 2015

      (1) In this rule:

      approved individual does not include a conditionally approved individual.
      (2) An individual who was an approved individual in relation to the customer-facing function immediately before 1 January 2015 is taken to have been assessed, in accordance with rule 4.1.1 (1), by the authorised firm for whom he or she performs the function:
      (a) as having the competencies to perform the customer-facing function;
      (b) to be a fit and proper person to do so; and
      (c) to satisfy any other requirements under these or any other Rules.
      (3) The firm must enter details of the individual in the register that it maintains under rule 4.1.7.
      Amended by QFCRA RM/2019-4 (as from 1st January 2020).

    • INDI 6.1.4 Individuals conditionally approved for customer-facing function

      (1) Subject to subrules (2), (3) and (4), a conditionally approved individual may continue to perform the customer-facing function for the authorised firm concerned.
      (2) The firm:
      (a) must continue to supervise the individual appropriately (within the meaning given by INDI 2005); and
      (b) must assess the individual in accordance with Part 4.1 (Assessment of individuals for customer-facing function).
      Note The firm may designate the individual to perform non-discretionary customer-facing activities if he or she has the competencies, is fit and proper, and satisfies any other requirement under these or any other Rules, to do so. See rule 4.1.6.
      (3) The firm must carry out the assessment before the end of the 12 month period for the individual referred to in INDI 2005, rule 4A.4.2.
      (4) If the result of the assessment is that the individual does not have the competencies, is not fit and proper, or does not satisfy any other requirement under these or any other Rules, to perform the customer-facing function, the individual must cease to perform that function on or before the end of the 12 month period referred to in subrule (3).
      (5) The firm must not enter details of the individual in the register that it maintains under rule 4.1.7 until the individual has been assessed as having the competencies, being fit and proper, and satisfying any other requirement under these or any other Rules, to perform the customer-facing function.
      Amended by QFCRA RM/2019-4 (as from 1st January 2020).