(f) the MLRO function; (g) the risk management function; (h) the compliance oversight function; (i) the internal audit function; (j) the actuarial function. There are 10 controlled functions and each of them is defined below in Note the order set out in this rule. Of these 10, 4 functions (compliance oversight, risk management, internal audit and actuarial functions) make up the internal control functions. 3.1.2 What is the non-executive governance function? The is the function of holding a non-executive governance function position on the governing body of an authorised firm that is a QFC but not having responsibility for the day-to-day direction of entity the affairs. firm’s is defined in as a incorporated under the QFC entity Note INAP company Companies Regulations 2005 or a limited liability partnership incorporated under the Limited Liability Partnership Regulations 2005. 3.1.3 What is the executive governance function? (1) The for an authorised firm that is a executive governance function is the function of acting in the capacity of a director, QFC entity other than a non-executive director, of the firm. (2) The for an authorised firm that is a executive governance function branch is the function of acting in the capacity of a director with responsibility for the business in or from the QFC. firm’s is defined in as a legal entity incorporated in a Note Branch INAP jurisdiction outside the QFC. A firm that is a is the local office branch in the QFC of a or incorporated in company limited liability partnership a jurisdiction outside the QFC.
(f) the MLRO function; (g) the risk management function; (h) the compliance oversight function; (i) the internal audit function; (j) the actuarial function. Note There are 10 controlled functions and each of them is defined below in the order set out in this rule. Of these 10, 4 functions (compliance oversight, risk management, internal audit and actuarial functions) make up the internal control functions. 3.1.2 What is the non-executive governance function? The non-executive governance function is the function of holding a position on the governing body of an authorised firm that is a QFC entity but not having responsibility for the day-to-day direction of the firm’s affairs. Note QFC entity is defined in INAP as a company incorporated under the Companies Regulations 2005 or a limited liability partnership incorporated under the Limited Liability Partnership Regulations 2005. 3.1.3 What is the executive governance function? (1) The executive governance function for an authorised firm that is a QFC entity is the function of acting in the capacity of a director, other than a non-executive director, of the firm. (2) The executive governance function for an authorised firm that is a branch is the function of acting in the capacity of a director with responsibility for the firm’s business in or from the QFC. Note Branch is defined in INAP as a legal entity incorporated in a jurisdiction outside the QFC. A firm that is a branch is the local office in the QFC of a company or limited liability partnership incorporated in a jurisdiction outside the QFC.
QFCRA_9107_VER4.docx