MIR 2.2.1

The Recognised Body must be a fit and proper Person to perform the Regulatory Functions of a Recognised Body. In determining whether a Recognised Body is a fit and proper Person, the Regulator may have regard to any relevant factor including, but not limited to:

(a) the commitment shown by the Recognised Body's Governing Body to satisfying the Recognition Requirements and to complying with other applicable obligations;
(b) its arrangements, policies and resources for fulfilling its obligations in relation to its activities as a Recognised Body, including in relation to the control of conflicts of interest;
(c) the extent to which its constitution and organisation provide for effective governance and effective oversight by the Governing Body of its relevant Regulatory Functions;
(d) breaches of any relevant law, regulation or code of practice by the Recognised Body or its Key Individuals;
(e) its arrangements for ensuring that it employs individuals who are honest and demonstrate high standards of integrity;
(f) the access which the persons responsible for the performance of supervisory functions has to the Governing Body;
(g) the independence of the persons responsible for the performance of supervisory functions from its commercial and marketing arms;
(h) its connections with any undertaking under its control or in its Group, and any Person with a position of influence over, or who effectively runs the business of, the Recognised Body, having regard to:
(i) the reputation and standing of that other Person, including his standing with any relevant Abu Dhabi Global Market or Non‐Abu Dhabi Global Market Financial Services Regulator;
(ii) breaches of any law or regulation by that other Person;
(iii) the roles of any of the Recognised Body's Key Individuals who have a position within organisations under the control or influence of that other Person, including their responsibilities in that organisation and the extent and type of their access to its Senior Management or Governing Body;
(iv) the extent to which the Recognised Body operates as a distinct entity notwithstanding its connection with that other Person; and
(v) the extent to which the Recognised Body's Governing Body is responsible for its day‐to‐day management and operations,
but nothing in this paragraph should be taken to imply any restriction on the ability of a Recognised Body to outsource any function to any Person in a manner consistent with the rules on outsourcing set out in Rule 2.14.