GFSC issues “Fit and Proper” Guidance
On 5 October 2018, the GFSC released guidance to assist individuals in ‘prescribed positions’, and the entities who may employ them, on how to meet the ‘fit and proper’ standard set out in the relevant minimum criteria for licensing in the regulatory laws.
The guidance may be found on the GFSC’s website or via the link here.
‘Prescribed Position’ currently means director, controller, partner, manager (which includes MLROs and Nominated Officers), senior officer, shareholder controller, indirect controller, general representative, beneficial owner of a financial services business, company secretary and such other positions as may be prescribed by regulations of the GFSC.
The guidance contains an interesting comment and case law reference on the interpretation of ‘integrity’.