CTRL 6.3.3 What makes up authorised firm’s compliance oversight function?

(1) An authorised firm’s compliance oversight function is made up of:
(a) the individual who is approved to exercise the compliance oversight function for the firm;
(b) any other employees allocated responsibilities within the function;
(c) the part of the firm’s resources (other than staff) allocated to the function;
(d) the firm’s compliance policies and procedures; and
(e) the records that the firm keeps in relation to compliance matters.
Note Appropriate records must be kept of policies and procedures — see GENE, rule 6.1.1.
(2) The purposes of an authorised firm’s compliance oversight function are the following:
(a) to ensure that the firm complies with:
(i) decisions of the Regulatory Authority;
(ii) the firm’s internal policies, procedures and controls; and
(iii) requirements and standards applicable to the firm under the law applicable in the QFC or any other applicable law;
(b) to ensure that the firm’s business is conducted ethically and responsibly;
(c) to minimise the risk of the firm or its facilities being used in the furtherance of financial crime.
Guidance
The compliance oversight function includes:
• monitoring and assessing the adequacy and effectiveness of the firm’s compliance policies and procedures
• participating in the process of approving new products or significant changes to existing products
• monitoring and assessing the extent to which it complies with those policies and procedures
• monitoring and assessing the adequacy and effectiveness of measures taken to correct any deficiencies
• reporting to the firm’s governing body as necessary
• maintaining and updating the firm’s compliance policies and procedures in conjunction with the firm’s senior executive function and senior management
• providing advice and support to the firm’s senior executive function and senior management about compliance issues.
Note For the meaning of financial crime, see the Glossary.

 

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