(MENAFN- QNA) Qatar Financial Centre (QFC) Regulatory Authority has released a consultation paper seeking public comment on proposed rule changes that amend the approved individuals regime (AI regime) for QFC authorised firms.
The proposals to update the Individuals Rules (INDI) include: introducing a new approval process that places clearer accountability and responsibility on firms (and their board and senior management) to appoint competent and fit-and-proper employees; Removing customer-facing function (CFF) from the list of controlled functions; and enhancing particular knowledge competency requirements.
The proposals will ensure the AI regime appropriately targets Board members, senior executives and people in key control positions, the QFC RA said.
There is no consideration to reduce the scope of the current training and competency (T&C) regime in INDI. Employees who perform either controlled functions or a CFF for a firm are required to continue to meet the T&C requirements.
The consultation period is open up to November 2, 2014. The consultation paper and draft Rules are available on the QFC Regulatory Authority website www.qfcra.com
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