GENE 8.2.5 Approval process (FSR, article 38)

(1) If the Regulatory Authority receives a controller notice in relation to a proposal for a person to first become a controller of a firm or to increase or decrease control over a firm, the authority may:
(a) approve the proposal without conditions;
(b) approve the proposal subject to such conditions as the authority considers appropriate;
(c) refuse to approve the proposal; or
(d) object to the proposal and then decide whether to approve or refuse to approve it.
Note 1 Under FSR, article 38 (2), the Regulatory Authority shall seek to make its determination within 30 days of receipt of all the required information and shall notify the authorised firm (or if the controller notice has been submitted by another person, both the firm and that other person) of its determination promptly.

Note 2 Under FSR, article 38 (4), the Regulatory Authority may grant unconditional approval only if it is satisfied that:
•  the person acquiring or increasing the control is a fit and proper person to have the control in question;
•  the conditions in article 29 (5) (A) and (B) (Close Links) have been met; and
•  granting such approval would be consistent with the regulatory objectives.
(2) Nothing in this rule prevents the authority from taking any other action against a person who has failed to comply with these rules or any other rules or law applying in the QFC.

Note Under FSR, article 38 (6), the Regulatory Authority's power to approve or refuse to approve a proposal remains even if no controller notice seeking approval is given to the authority.
Editorial changes (as from 1st January 2016).