The Senior Executive Function is the function of having overall responsibility alone or jointly with one or more individuals: for the conduct of the whole of the business of a Licensed Firm; or in the case of a Non-Local Licensed Firm, for the business of the Licensed Firm carried out in or from the QFC. The Senior Executive Function must be carried out by an individual who: in the case of a Local Licensed Firm is ordinarily resident in the State; and in the case of a Non-Local Licensed Firm, spends an appropriate proportion of his time in the State having regard to responsibilities that the Senior Executive Function entails. A Single Family Office is not required to have an individual carrying out the Senior Executive Function. The MLRO Function is required for a Licensed Firm that is a designated non-financial business or profession (within the meaning of the AML/CFT Rules). The Designated Representative Function is required for a Licensed Firm that is a Single Family Office within the meaning of the Single Family Office Regulations. NOTIFICATION OF REGISTERED FUNCTIONS This General Rule 11 applies to a Licensed Firm. A Licensed Firm shall provide details to the QFCA of each person that shall conduct a Registered Function on behalf of the Licensed Firm, in writing on the relevant QFC form, Signed by the individual who will be performing the Registered Function and an individual authorised to sign on behalf of the Licensed Firm.
The Senior Executive Function is the function of having overall responsibility alone or jointly with one or more individuals: for the conduct of the whole of the business of a Licensed Firm; or in the case of a Non-Local Licensed Firm, for the business of the Licensed Firm carried out in or from the QFC. The Senior Executive Function must be carried out by an individual who: in the case of a Local Licensed Firm is ordinarily resident in the State; and in the case of a Non-Local Licensed Firm, spends an appropriate proportion of his time in the State having regard to responsibilities that the Senior Executive Function entails. A Single Family Office is not required to have an individual carrying out the Senior Executive Function. The MLRO Function is required for a Licensed Firm that is a designated non-financial business or profession (within the meaning of the AML/CFT Rules). The Designated Representative Function is required for a Licensed Firm that is a Single Family Office within the meaning of the Single Family Office Regulations. NOTIFICATION OF REGISTERED FUNCTIONS This General Rule 11 applies to a Licensed Firm. A Licensed Firm shall provide details to the QFCA of each person that shall conduct a Registered Function on behalf of the Licensed Firm, in writing on the relevant QFC form, Signed by the individual who will be performing the Registered Function and an individual authorised to sign on behalf of the Licensed Firm.