The QFMA’s approval for individuals can be by approving the appointment by a company for performing a function or by granting a license to perform such regulated function. The regulated functions are divided into three categories as defined in Article (7) of Financial Services Rulebook:​​​​​​

Category (1): Functions performed by persons who have a significant influence on the company’s operations, including:

Members of the Board of Directors; Chief Executive Officer or, a General Manager, or a Managing Director of the company (a member of a board of directors to whom management of a Company has been delegated); a person acting for any of the persons mentioned in (2) above; and Financial Manager.

Category (2): Technical functions of Company Representatives and securities professionals, including:

Financial Advisor, Account Manager, Broker Representative, Back Office Operations Manager, Financial Analyst, Investment Manager, Representative of a Custodian, Trading Manager and Deputy Trading Manager.

Category (3): Functions related to monitoring compliance, including:

Compliance Officer, Money Laundering Reporting Officer (MLRO), Deputy MLRO, Risk Management Officer, and Internal Auditor.

First: Procedures of approving individuals.

  • Complete the approving individual form electronically signed by the concerned person with the company’s seal .
  • Pay the fees (5000) QR for reviewing license application (Category 2).
  • police clearance certificate from the State
  • Attach the required documents with the company’s seal.
  • The academic certificates shall be duly certified
  • The QFMA shall have the right to request any additional information or documentation deemed necessary for ensuring that the individual meets the requirements.
  • The QFMA shall issue its decision on the application within a period of 90 days from the submission of the full and complete application.
  • A license granted to the individual shall be valid for two years, and it shall be renewed at the end of period provided that such individual satisfies the professional development requirements pursuant to the rules set by the QFMA in this regard (Category 2).

Second: Procedures of licensing renewal for individuals:

  • The licensing renewal application shall be submitted 30 days before the licensing expiration date.
  • Complete the renewal form electronically signed by the concerned person with the company’s seal .
  • police clearance certificate from the State
  • Attach the required documents with the company’s seal.
  • Pay fees of renewal licensing (QR 10,000 for two years).