On Mar. 6, UAE DFSA consulted on licensed functions, authorized individuals.
UAE DFSA issued Consultation Paper No. 165/2025 proposing changes to licensed functions and authorized individuals' approach, amending GEN, GLO, CIR, and COB.
Key Amendments
Emphasise firms' responsibility and accountability ensuring their fit and proper staff.
Remove DFSA approval in appointing compliance officers, finance officers, managers.
Appointment of these roles will be made by authorised firm who will have responsibility to ensure that the individuals they appoint to perform these roles are fit and proper.
Apply the assessment criteria for authorised individuals to the designated individuals.
Notify DFSA of appointment and removal of designated individual mentioning reasons.
Amendments proposed the combination of licensed functions and designated functions.
Defined and clarified the role of the senior manager in addition to compliance officer.
Apply principles for authorised individuals to all designated and relevant Individuals in an Authorised Firm, except for ancillary staff, and naming them the Conduct Principles.
Effectiveness
Comments must be provided by the end of consultation date, on May 5, 2025.
