CTRL 3.2.1 Governing body composition and operations

(1) The governing body of an authorised firm that is a branch must have at least 3 members.
(2) The governing body must have a mix of relevant competencies, and as a whole must have the necessary skills to oversee the firm effectively.
Guidance
Relevant competencies include financial markets, financial analysis, financial stability issues, financial reporting, information technology, strategic planning, risk management, compensation, regulation, corporate governance and management skills.
(3) The governing body of an authorised firm that is a branch must meet at least every 3 months and at least 4 times in a year.

 

Derived from QFCRA RM/2012-4 (as from 1st July 2013)
Amended by QFCRA RM/2020-4 (as from 1st July 2021)