(e) the records that the firm keeps in relation to compliance matters. Appropriate records must be kept of policies and procedures—see Note GENE, r 6.1.1. (2) The purposes of an authorised compliance oversight function firm’s are the following: (a) to ensure that the firm complies with: (i) supervisory decisions; and (ii) the internal policies, procedures and controls; and firm’s (iii) requirements and standards applicable to the firm under the law applicable in the QFC or any other applicable law; (b) to ensure that the business is conducted ethically and firm’s responsibly; (c) to minimise the risk of the firm or its facilities being used in the furtherance of financial crime. Guidance The compliance oversight function includes:  monitoring and assessing the adequacy and effectiveness of the firm’s compliance policies and procedures; and  participating in the process of approving new products or significant changes to existing products; and monitoring and assessing the extent to which it complies with those  policies and procedures; and monitoring and assessing the adequacy and effectiveness of measures  taken to correct any deficiencies; and  reporting to the governing body on the matters mentioned in firm’s rule 4.1.6 (2) (a); and  maintaining and updating the compliance policies and procedures firm’s in conjunction with the senior managers; and firm’s
(e) the records that the firm keeps in relation to compliance matters. Note Appropriate records must be kept of policies and procedures—see GENE, r 6.1.1. (2) The purposes of an authorised firm’s compliance oversight function are the following: (a) to ensure that the firm complies with: (i) supervisory decisions; and (ii) the firm’s internal policies, procedures and controls; and (iii) requirements and standards applicable to the firm under the law applicable in the QFC or any other applicable law; (b) to ensure that the firm’s business is conducted ethically and responsibly; (c) to minimise the risk of the firm or its facilities being used in the furtherance of financial crime. Guidance The compliance oversight function includes:  monitoring and assessing the adequacy and effectiveness of the firm’s compliance policies and procedures; and  participating in the process of approving new products or significant changes to existing products; and  monitoring and assessing the extent to which it complies with those policies and procedures; and  monitoring and assessing the adequacy and effectiveness of measures taken to correct any deficiencies; and  reporting to the firm’s governing body on the matters mentioned in rule 4.1.6 (2) (a); and  maintaining and updating the firm’s compliance policies and procedures in conjunction with the firm’s senior managers; and