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 person acting for any of Chief Executive Officer or, a General Manager, or a Managing Director.
- 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.
- Deputy Trading Manager.
Category (3): Functions related to monitoring compliance, including:
- Compliance Officer.
- Money Laundering Reporting Officer (MLRO).
- Deputy MLRO.
- Risk Management Officer.
- Internal Auditor.
The table below shows the fees for each category of approved individuals:
Requirements of the Approved Individuals
The standards, competencies and requirements for approved individuals are defined in Appendix (II) of Financial Services Rulebook issued by the QFMA.
Application Procedures
- The company must submit an application for approving the individuals to perform the functions specified in categories (1) and (3), using the form approved by the QFMA. The application must be attached with all required documents.
- Individuals applying for approval to perform the functions specified in category (2) may submit their applications directly or through the company. The application must be completed according to the form approved by the QFMA and accompanied by all necessary documents, along with payment of the prescribed fees.
Application Forms
