CTRL Chapter 3 Controlled functions

Notes for ch 3

1 Chapter 3, together with chapters 2 and 4, aims to ensure that authorised firms maintain a culture that promotes effective corporate governance that underpins the transparency and integrity of the financial sector in the QFC, minimises the risk of reputational damage and promotes business conduct in accordance with best international standards.
2 Effective corporate governance also serves to strengthen the protection of a firm's depositors, policyholders, clients and other stakeholders.
3 FSR, art 41 provides that a person must not perform a controlled function for an authorised firm unless he or she is approved by the Regulatory Authority as an approved individual. In relation to approval as an approved individual, see INDI, Chapter 3.
4 The senior management (which includes approved individuals exercising particular controlled functions) is responsible for the daily operations of the firm and implementing the corporate governance framework and risk management and internal controls framework set and approved by the governing body.
Amended by QFCRA RM/2014-6 (as from 1st January 2015)