• GEN 9.8 GEN 9.8 Fitness and Propriety

    • GEN 9.8.1

      A Representative Office must at all times be fit and proper to hold a Financial Services Permission.

    • GEN 9.8.2

      (1) A Representative Office must at all times have a Principal Representative who is resident in the U.A.E. and who has satisfied the Regulator as to fitness and propriety.
      (2) If the Principal Representative leaves the employment of a Representative Office, the Representative Office must designate a successor as soon as possible, and in any event within 28 days.
      (3) If the Regulator considers that a Principal Representative designated under (1) or (2) is not fit and proper to fulfil the role for which he has been designated, it will give the Representative Office written notice to this effect.
      (4) On receipt of a notice under (3), a Representative Office must within 28 days designate a new Principal Representative and notify the Regulator accordingly.

    • GEN 9.8.3 GEN 9.8.3

      A Representative Office must ensure, as far as reasonably practical, that its Employees are fit proper.

      • Guidance

        1. The GPM sets out matters which the Regulator takes into consideration when making an assessment of the kind under Rule 9.8.3.
        2. Where a Representative Office is no longer fit and proper or where its Principal Representative is no longer fit and proper, it will be in breach of these Rules and the Regulator may take steps to withdraw its Financial Services Permission. The GPM sets out matters which the Regulator takes into consideration when assessing the fitness and propriety of a Principal Representative.