Article 15 - Registered Representative
(1) A Foundation must have a Registered Representative appointed in accordance with the Constitution.
(2) Subject to such further requirements as may be prescribed by Rules by the QFC Authority, the Registered Representative of a Foundation —
(A) must be a Licensed Firm with permission to carry on one or more of the following activities under Part 2 of Schedule 3 of the QFC Law:
i. professional services limited to auditing, accounting, or legal services;
ii. the business activities of administration of Trusts and similar arrangements of all kinds.
(B) must be a DNFBP under the AML/CFTR Rules;
(C) must be appointed in accordance with the Foundation's Constitution; and
(D) has, in respect of the Foundation, the functions and duties specified in the Foundation's Constitution.
(3) The Registered Representative must be a Member of the Council of the Foundation.
|Derived (as from 22nd September 2016).|