Doha, Qatar, 23 December 2014: The QFC Regulatory Authority (QFCRA) today introduced a number of improvements to its framework for approving individuals to perform certain key positions in QFC authorised firms. The new framework is contained in the Individuals (Assessment, Training and Competency) Rules 2014. The new rules have been issued following public consultation and dialogue with QFC authorised firms.
The new rules amend the existing approved individual regime by placing clearer accountability and responsibility on the board and senior management for the appointment of competent and fit and proper staff; removing the requirement for the Regulatory Authority to approve individuals performing the customer facing function; and making certain enhancements to the knowledge competency requirements.
“These enhancements to our framework for approving individuals to perform key positions at QFC authorised firms will serve to further strengthen the calibre of their management and staff and reduce the regulatory burden on them when they are hiring or promoting staff,” said Michael Ryan, Chief Executive Officer of the QFC Regulatory Authority.
The new rules come into force on 1 January 2015.
A summary of the comments received from the public consultation and the Regulatory Authority’s response can be found here.
Click here to access the Individuals (Assessment, Training and Competency) Rules 2014.
This initiative supports the QFC Regulatory Authority’s ongoing commitment to meet high international regulatory standards, and supports the continued development of the QFC as a leading financial and business centre in the region.