CTRL 3.4.1 Annual compliance statement

(1) An authorised firm must give a written statement to the Regulatory Authority every year as to the extent to which it has complied with the applicable requirements of this Chapter during the previous year.
(2) If the firm has not fully complied with an applicable requirement of this Chapter, the statement must set out:
(a) the requirement with which the firm has not complied;
(b) the reasons for the non-compliance; and
(c) a statement of what the firm is doing or intends to do to bring itself into compliance with the requirement.
(3) The statement must be signed by:
(a) either:
(i) if the firm is incorporated in the QFC — the chair of the firm’s board of directors; or
(ii) for any other authorised firm — the chair of the firm’s governing body; and
(b) the individual who is approved to exercise the senior executive function for the firm.
(4) If the firm is incorporated in the QFC, the firm:
(a) must provide the statement to its shareholders no later than the date on which it must provide them with its annual report; and
(b) must make the statement available on its website.


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