Article 41 - Approval of Persons performing Controlled Functions
Authorised Firm must ensure that no individual acting for:
Authorised Firm; or
(B) a contractor of the
Controlled Function for that Authorised Firm unless the individual is approved by the Regulatory Authority as an Approved Individual.
Controlled Function means a function which involves:
(A) the exercise of significant influence over the conduct of the firm's affairs in relation to
(B) dealing directly with clients or customers in relation to
Regulated Activities; or
(C) dealing with the property of clients or customers
and is specified as a
Controlled Function in Rules issued by the Regulatory Authority from time to time.
Regulatory Authority shall make Rules detailing:
(A) the procedure for
Application to the Authority for registration as an Approved Individual including requirements as to the form and content of the Application, any fees payable by an Authorised Firm in respect of its Approved Individuals and the procedures for modification or withdrawal of an Approved Individual's registration;
(B) principles or other requirements to which
Approved Individuals are required to adhere in the performance of Controlled Functions;
(C) requirements for
Approved Individuals to report to the Regulatory Authority; and
(D) the circumstances in which registration of an
Approved Individual may be withdrawn at the instance of the Regulatory Authority.