INMA 5.2.5 Approved representative — definition

(1) An individual who is not an employee of an INMA firm is an approved representative of the firm if:
(a) he or she is authorised under a contract (approved representative contract) with the firm to perform that function for the firm in or from the QFC;
(b) he or she has been assessed by the firm as meeting the requirements in INDI, rule 4.1.1 to perform the customer-facing function; and
(c) the firm has agreed in the approved representative contract to accept responsibility for his or her every act or omission in performing (or purporting to perform) that function for the firm.
(2) An INMA firm must not enter into an approved representative contract with an individual if the individual is a party to an approved representative contract in force with another authorised firm.
Inserted by QFCRA RM/2019-4 (as from 1st January 2020).