CTRL 1.2.1 Guidance

This definition draws a distinction (for some purposes) between:

• a firm that is incorporated or formed in the QFC; and
• a firm that is incorporated or formed outside the QFC (that is, a branch).

In the case of a branch, the firm’s board (wherever it is located) remains ultimately responsible for the oversight of the firm, but many policy decisions may be made by a part, or a delegate, of the firm’s board. These rules recognise that firms choose to allocate their responsibilities and undertake their business in different ways; these rules therefore place the responsibility for certain kinds of oversight on the firm’s board or the part or delegate of the board.

Derived from QFCRA RM/2020-4 (as from 1st July 2021)