application for a licence to conduct non …...licence to conduct non-regulated activities’ should...

FORM Q01

APPLICATION FOR A LICENCE TO

CONDUCT NON-REGULATED ACTIVITIES

Applicant name:

Date application submitted:

Reference No.:

Date received:

Received by:

Form Q01-V9-MAR16

FOR OFFICIAL USE

2

Form Q01, ‘Application for a Licence to conduct Non-Regulated Activities’ should be completed

by an Applicant seeking a Qatar Financial Centre Authority (QFC Authority) Licence to conduct

Non-Regulated Activities in or from the Qatar Financial Centre (QFC).

In accordance with Article 10 of QFC Law No. 7 of 2005, all Persons carrying on Permitted

Activities in or from the QFC require a Licence. Permitted Activities covers a range of Non-Regulated

and Regulated Activities.

If the Applicant is proposing to carry out Regulated Activities, an application for authorisation

should be submitted to the Qatar Financial Centre Regulatory Authority (QFC Regulatory

Authority). Please visit www.qfcra.com for further information. An Applicant seeking

authorisation to carry out Regulated Activities does not need to apply separately for a Licence

from the QFC Authority.

For further guidance on the process, we recommend that before completing this form the

Applicant reads the “Non-Regulated Activities – Application Guidelines” and the “Non-Regulated

Activities – Application FAQs” documents which can be found at the following link. There are notes

embedded within this form to assist the Applicant in answering some questions.The Applicant is

strongly encouraged to have a pre-application meeting with the Licensing team before applying

for a Licence.Please email [email protected] for more information.

INTRODUCTION

WHERE CAN I FIND GUIDANCE ON

THE APPLICATION PROCESS?

STRATEGIC FIT

Before completing Form Q01, the Applicant must meet with the QFC Authority’s Business

Development team and receive a strategic fit approval. As part of this process, the Applicant is

required to submit a business case and demonstrate that its proposal furthers the QFC objectives. If

the Applicant would like to apply for a Licence from the QFC Authority but has not met with the

QFC Authority’s Business Development team, please email [email protected] for more information.

http://www.qfc.qa/setup-in-the-qfc/Pages/Non-Regulated-Business.aspx

3

The Applicant should also complete a separate Companies Registration Office (CRO) form in

order to be incorporated as an approved legal structure or registered as a branch. Please note

that the relevant CRO form is available at the following link.

COMPANIES REGISTRATION

OFFICE APPLICATION FORM

In completing this form, the Applicant should ensure the following:

• All questions in Part 1 must be answered in full. The questions in Part 2 must be answered

dependent on the activity of the Applicant. Please refer to the table on page 5 for guidance.

Part 3 is applicable to existing Licensed Firms who need to notify the QFC Authority of any

change in the individual carrying out the registered functions.

• Dates must be provided in the following format: DD/MM/YYYY.

• Responses and all supporting documents must be in English or accompanied by a translation

into English (it is the Applicant’s responsibility to ensure the accuracy of any translation

and the Applicant may consider certification by a professional translator).

• Responses must be typewritten and any additional pages attached, if necessary. Please ensure

that attachments are clearly labelled and securely attached.

• Except where otherwise stated, requested or required in this form, responses must relate to

the Applicant, not to a group entity, and to the Permitted Activities to be carried on in or from

the QFC.

• The completed form must be signed by one authorised signatory.

• Defined terms are identified throughout this form by the capitalisation of the initial letter and

italicisation of the word or phrase. Please refer to the glossary for definitions.

If you run out of space when completing any section of this form, please continue in the

designated additional text box at the end of this form, making clear reference to the section

being continued.

COMPLETING THIS FORM

SUBMITTING THIS FORM

The completed Form Q01 should be submitted to the QFC Authority

with the relevant CRO form. Both forms and relevant attachments

should be provided in hard and soft copy to the address shown:

On receipt of the Applicant’s application, the QFC Authority will

invoice the Applicant for the application fee.

QFC Authority, QFC Tower 1, Level 20,PO Box 23245, West Bay, Doha, QatarT: +974 4496 7777F: +974 4496 7676E: [email protected]

http://complinet.com/qfcra/display/display.html?rbid=1557&record_id=6933

4

The personal data provided within this form will be processed by the QFC Authority in accordance

with the QFC’s Data Protection Regulations 2005.

PERSONAL DATA

Information provided in or with forms submitted to the QFC Authority will be used to establish

and update registers and databases maintained by the QFC Authority, the CRO and the QFC

Regulatory Authority.

Information provided in or with forms submitted to the QFC Authority may be shared with the

CRO and the QFC Regulatory Authority under arrangements between them.

HOW WILL THE INFORMATION IN

THIS FORM BE USED?

It is a requirement under the QFCA Rules for Licensed Firms to notify the QFC Authority if there

is a change in the individual carrying out any registered function.

Part 3 of this form is applicable to existing Licensed Firms who need to notify the QFC Authority

of a change to any of the registered function holders. The Applicant applying for a Licence is not

required to complete Part 3.

NOTIFICATION OF A CHANGE

IN REGISTERED FUNCTION

In accordance with chapters 13 and 14 of the QFCA General Rules and the Anti-Money

Laundering and Combating Terrorist Financing Rules 2010 (AML/CFTR Rules) for Money

Laundering Reporting Officers (MLROs), Applicants and Licensed Firms must make reasonable

enquiries and assess the individual’s fitness and propriety to carry out the registered function.

Applicants and Licensed Firms must also carry out appropriate investigations as to the skill,

experience, background and qualifications and determine whether the individual is competent to

perform the registered function.

ASSESSMENT OF INDIVIDUALS CARRYING

OUT REGISTERED FUNCTIONS

5

FIRM ACTIVITY PART 1

GENERAL INFORMATION

PART 2

ACTIVITY DEPENDENT INFORMATION

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SHIP BROKING AND SHIPPING AGENTS

Ship broking and agencies R R - - C C - C C CPROVISION OF CLASSIFICATION SERVICES AND INVESTMENT GRADING AND OTHER GRADING SERVICES

Classification of vessels R R - - C C - C C CCredit rating R R R R C C C C C CACTIVITIES OF COMPANY HEADQUARTERS, MANAGEMENT OFFICES AND TREASURY OPERATIONS AND OTHER RELATED FUNCTIONS FOR ALL KINDS OF BUSINESS, AND THE ADMINISTRATION OF COMPANIES GENERALLY

Company headquarters R - - - C C C C C -Management offices R - - - C C C C C -Treasury operations R - - R C C C C C -PROVIDING PROFESSIONAL SERVICES INCLUDING BUT NOT LIMITED TO AUDIT, ACCOUNTING, TAX, CONSULTING AND LEGAL SERVICES

Advisory/Consulting R R R R C C C C C CAudit/Accountancy R R R R R R R C C CHR consultancy R R - - C C - C C CInformation services R R R - C C - C C CLegal services R R R R R R R C C CLoss adjustment R R R R C C C C C CPublic relations R R R - C C - C C CTax consultancy R R R R R R R C C CThird party administrator R R R R C C C C C COther services R R R R C C C C C CACTIVITIES OF HOLDING COMPANIES, THE PROVISION, FORMATION, OPERATION AND ADMINISTRATION OF TRUSTS AND SIMILAR ARRANGEMENTS

Administration of trusts R R R - C C C C C CHolding company R - - - C C - C C -Single family office R R - - R C - C C CSpecial purpose company R - - - C C - C C -PROVISION, FORMATION, OPERATION AND ADMINISTRATION OF COMPANIES

Administration of companies R R - - C - - C C C

Part 1 must be completed by all types of Applicants. Part 2 is “activity dependent”.

Please use the table below that indicates which sections must be completed. Part 3 (not illustrated below) is to

be used by existing Licensed Firms who need to notify the QFC Authority of a change to the individual carrying

out registered functions.

R = Required

C = Conditional, based on the nature and complexity of the Applicant’s activities. Early questions in that section will help

applicants determine if they will be required to complete the section.

- = Not required, unless otherwise specified in the Applicant’s pre-application meeting with the QFC Authority

6

CONTENTS

1 Undertaking 7

2 Activities for which a Licence is Sought 8

3 Applicant’s Contact Details 10

4 Business Details and Legal Status 11

5 History of Applicant’s Member(s) 13

6 Individuals and their Fitness and Propriety 14

7 Appendix A: Fitness and Propriety Questionnaire 15

8 Attachment Checklist (Part 1) 18

1 Identification of Individual(s) 32

2 Appendix B: Fitness and Propriety Questionnaire 34


1 Financial Resources 19

2 Conduct of Business 20

3 Recruitment and Training 22

4 Anti-Money Laundering 23

5 Professional Memberships and Competence 24

6 Professional Indemnity Insurance (PII) 25

7 Ownership 26

8 Client Money 28

9 Business Continuity and IT Systems 29


1 Glossary 38

SECTION

SECTION

PART 1: GENERAL INFORMATION

PART 3: NOTIFICATION OF A CHANGE IN REGISTERED FUNCTION

SECTION

SECTION

PART 2: ACTIVITY DEPENDENT INFORMATION

PART 4: GLOSSARY

7

UNDERTAKING

SECTION 1

1.1 I accept that it is a contravention of the QFCA Rules to knowingly or recklessly give false or misleading

information to the QFC Authority or to any person or entity performing any function on behalf of the QFC Authority.

1.2 I have the authority to make this application, to declare as specified below and sign this form for, or on

behalf of, the Applicant. I have the authority to give the consent specified below.

1.3 I confirm that the Applicant does not intend to undertake any Regulated Activities, and I understand

that under no conditions does the Licence applied for in this form permit the Applicant to carry out any

Regulated Activities.

1.4 I confirm my understanding of the QFC Law (7) 2005 and the applicable QFC regulations and rules, and

that the Applicant has in place, or will have in place prior to commencing Permitted Activities, all necessary

controls, procedures and processes to satisfy such regulations and rules, including but not limited to:

• Fitness and propriety, and competence of individuals carrying out registered functions as setout in General Rules 13 and 14 respectively, of the QFCA Rules;

• Conduct of Business Rules as set out in Part 3 of the QFCA Rules;

• Licensed Firm Assets Rules as set out in Part 4 of the QFCA Rules;

• Anti-Money Laundering and Combating Terrorist Financing Rules; and

• Data Protection Regulations 2005.

1.5 I understand that the QFC Authority may request more detailed information should it be deemed necessary

to adequately assess this application, and that the information provided in this form may be shared with the

QFC Regulatory Authority and the CRO. I consent to the QFC Authority contacting any organisations to verify

any information contained in this form.

1.6 For the purposes of the Data Protection Regulations 2005, the personal data provided in this form will be

processed by the QFC Authority and the CRO in accordance with Article 8 of the Data Protection Regulations 2005.


Print name of authorised signatory 1:

Position:

Signature: Date:

8

SECTION 2


Ship broking and agencies

Classification of vessels

Company headquarters

Management offices

Audit/Accountancy

HR consultancy

Information services

Legal services

Public relations

Tax consultancy

Third party administrator

Other services

Credit rating

Treasury operations

ACTIVITIES FOR WHICH A

LICENCE IS SOUGHT

2.1 Please tick one or more of the boxes below. Only those Non-Regulated Activities for which

a specific Licence has been granted may be carried out in or from the QFC:

Ship broking and shipping agents:

Classification services and investment grading and other grading services:

Company headquarters, management offices and treasury operations and other related

functions for all kinds of business, and the administration of companies generally:

Advisory/Consulting Loss adjustment

Professional services:

If other please specify:

9

SECTION 2


ACTIVITIES FOR WHICH A

LICENCE IS SOUGHT (cont)

2.2 If the Applicant is applying to carry on the activities of audit, legal, consultancy,

administration of trusts, holding companies, company headquarters, management offices or

treasury operations, please specify if the Applicant is also seeking registration as a Support

Services Provider (SSP):

2.3 Please confirm if the Applicant is applying for both a Licence to conduct audit services and

registration as an Approved Auditor:

Note: A QFC Licensed Audit Firm must also be registered as an Approved Auditor to be eligible to audit Licensed Firms.

YES NO

YES NO

Administration of trusts

Holding company

Single family office

Special purpose company

Holding companies, and the provision, formation, operation and administration of trusts

and similar arrangements of all kinds:

Administration of companies

Provision, formation, operation and administration of companies:

10

SECTION 3


APPLICANT’S CONTACT DETAILS

Details of main contact for this application (this is the person the QFC Authority will contact

regarding the application):

Note: If the Applicant has used a professional adviser to assist with the completion of this application, please provide contact details. Otherwise, please proceed to Part 1, Section 4:

3.1 Job title:

3.7 Name of professional adviser’s firm:

3.2 Surname:

3.8 Surname:

3.4 Phone number:

3.10 Phone number:

3.3 Forename:

3.9 Forename:

3.6 Office address:

3.5 Email:

3.11 Email:

3.12 Please check the box if the Applicant would like the QFC Authority to copy correspondence

to the professional adviser:

11

SECTION 4


BUSINESS DETAILS AND

LEGAL STATUS

4.1 Applicant’s proposed legal name in QFC:

If other, please specify:

4.2 Applicant’s proposed trading name in QFC (if different from legal name):

4.6 Detail all Controllers of the Applicant:

4.3 Proposed legal status within the QFC:

4.4 Has the Applicant identified or reserved a Designated Premises?

Note: The conducting of any Permitted Activities in or from the QFC can only be carried on by a legal structure approved within the QFC and incorporated in the QFC by the CRO, or by a branch of a non-QFC legal entity registered with the CRO.

LLC

YES

LLC Branch

NO

LLP LLP Branch Other

Note: Licensed Firms are required to have a registered office located in a Designated Premises. A list of Designated Premises is available from the QFC Authority. If the Applicant is considering premises that are not designated, it will need to contact the QFC Authority’s Client Relationship Management team to discuss the possibility of applying to have the premises designated. This may lengthen the licensing application processing time.

Corporate Controller’s name(s): % holding: Principal activities:

4.5 If yes, please provide the address:

12

SECTION 4


BUSINESS DETAILS AND

LEGAL STATUS (cont)

If yes, please provide details, if no, please proceed to the next question:

4.8 Name of Applicant’s external auditor:

4.7 Does the Applicant intend to have a branch or affiliate in a jurisdiction other than

the QFC?

Note: This application relates to activities to be carried on in or from the QFC. If a Licensed Firm wishes to establish an additional office in Qatar outside the QFC (or any other jurisdiction), it must comply with the laws of the State of Qatar (or the relevant jurisdiction).

YES NO

4.6 cont. Detail all Controllers of the Applicant cont:

Individual Controller’ s name(s): % holding:Other Directorships held: (please detail)

Executive/non-executive/independent

Note: Control has the meaning set out in QFCA Rule 8.2.1.

Typically individual Controllers that are not Directors will only need to provide their names and (if relevant) percentage holding. LLPs

should list partners that it deems are in a position to influence decision making. The members of the board of a QFC Licensed Firm

are considered to be individual Controllers. All individual Controllers are required to complete Part 1, Section 7 – Appendix A.

Directors identified in 4.6 should match those listed in the accompanying CRO form.

Note: A Licensed Firm (with some exceptions) must engage an Approved Auditor to review its accounts annually. Please refer to the list of Approved Auditors available at the QFC Public Register www.qfc.qa

13

SECTION 5


HISTORY OF APPLICANT’S

MEMBER(S)

Note: Only applicable to a Body Corporate. If the Applicant’s Member(s) answer ‘yes’ to any question below, please attach an explanation and any supporting documentation along with this application.

5.1 Is the Applicant’s Member(s) or any of its officers, or any related entity or any

of its officers, currently or ever been the subject of any government, regulatory,

civil or criminal investigation, or been the subject of disciplinary proceedings?

5.4 Does the Applicant’s Member(s) or any related entity, have material

outstanding debts (i.e. due but unpaid), awards or judgments against it?

5.2 Is the Applicant’s Member(s) or any of its officers, or any related entity or

any of its officers, currently or ever been the subject of any penalty, sanction,

regulatory fine or disciplinary order by any government department or agency?

5.5 Has the Applicant’s Member(s) or any related entity, ever had a licence

revoked, or been refused a licence by an Overseas Licensing Authority/Body, or

voluntarily withdrawn an application to an Overseas Licensing Authority/Body for

such a licence?

5.3 Has the Applicant’s Member(s) or any related entity in any country or

jurisdiction, ever been wound up, put into liquidation, ceased trading, placed in

receivership or administration or entered into a rescheduling of its debts with

its creditors?

5.6 Is the Applicant’s Member(s) currently or has it recently been involved in

material litigation or Alternative Dispute Resolution (ADR), or is it aware of any

circumstances that may give rise to such litigation in the future?

5.7 Are there any other matters that the QFC Authority might reasonably

expect to be made aware of by the Applicant’s Member(s) in its consideration of

this application?

YES

YES

YES

YES

YES

YES

YES

NO

NO

NO

NO

NO

NO

NO

14

SECTION 6


Senior Executive Function:

Designated Representative Function (applicable for a Single Family Office):

INDIVIDUALS AND THEIR

FITNESS AND PROPRIETY

6.1 Please provide the names of the Persons who will be carrying out the following:

Note: This section must be completed by the individuals who will perform the Senior Executive Function (SEF) and, if applicable, the Money Laundering Reporting Officer (MLRO) and Designated Representative Function and all individual Controllers of the Applicant.

Note: Please attach a copy of the CV for each individual performing a registered function. The CV should include (but not be limited to) details regarding:

• the relevant experience and academic qualifications of the individual;

• any professional memberships held by the individual; and

• any continuing professional development requirements or training the individual is subject to.

Please also attach the relevant pages of a valid passport and documentary evidence of address, e.g. a tenancy agreement or utility bill, for each individual.

6.2 If the same person is proposed to perform either the SEF or Designated Representative

Function and the MLRO, please explain the control and conflict management processes in

place to govern this arrangement:

6.3 A copy of Part 1, Section 7 – Appendix A must be completed for each registered

individual and each individual Controller (including Directors) as identified in Part 1,

Section 4. Please provide the number of copies attached:

Money Laundering Reporting Officer (if applicable):

15


SECTION 7

APPENDIX A: FITNESS AND

PROPRIETY QUESTIONNAIRE

This appendix must be completed by each individual carrying out a registered function and each individual Controller. Please attach additional copies to this appendix for the SEF, MLRO, Designated Representative and every individual Controller as required.

A.1 Title:

A.4 Date of birth:

A.2 Surname:

A.7 Date of change(s):

A.15 Resident at this address since:

A.14 Residential address (not as an office or PO Box address):

A.6 Previous name(s):

A.5 National ID no. (in country of residence):

A.3 Forename:

A.8 Nationality:

A.10 Place of birth:

A.12 Email address:

A.9 Passport number:

A.11 Passport expiry date:

A.13 Telephone number:

16


SECTION 7


PROPRIETY QUESTIONNAIRE (cont)

Unless otherwise stated, the questions refer to both the individual’s experience in the State of Qatar and any other country or jurisdiction. If the individual answers ‘yes’ to any question below, please attach an explanation and any supporting documentation along with this application.

A.16 Please answer all of the following questions for each individual (attach copies as required):

1. Have you ever been convicted or found guilty of any offence related to fraud,

theft, false accounting, serious tax offences, dishonesty, money laundering,

market manipulation, insider dealing or any other financial sector crimes?

4. Have you ever been disqualified by a court or regulator of competent

jurisdiction from acting as a Director or in any other management capacity of

any company, Partnership or other legal entity?

2. Have you ever been refused entry to, been dismissed from, or requested to

resign from any profession, vocation, office or employment, position of trust or

fiduciary office whether or not remunerated?

5. Have you ever been censured, criticised, suspended, expelled, fined or been the subject

of any investigation, intervention or disciplinary proceedings by any overseas regulator,

governmental authority or other regulatory or self-regulatory authority or similar body?

3. Have you ever been refused, restricted in, or had suspended, the right to carry

on any business, trade or profession for which a specific licence, registration,

authorisation or other authority is required?

6. Have you ever resigned or been required to resign from any company,

Partnership or other legal entity whilst under investigation by any such body?

7. Has a company, Partnership or other legal entity in any country or jurisdiction

ever been wound up, put into liquidation, ceased trading, placed in receivership or

administration or entered into a rescheduling of its debts with its creditors while you

were a Director, partner or otherwise involved in the management of that entity or

within one year of you leaving?

YES

YES

YES

YES

YES

YES

YES

NO

NO

NO

NO

NO

NO

NO

17


SECTION 7

8. Have you ever been declared bankrupt or entered into an alternative

voluntary arrangement to avoid bankruptcy?

11. Have you ever been the subject of disciplinary procedures by a government

body, agency or other self-regulatory body or professional organisation?

9. Have you ever been subject to any adverse finding by a court of competent

jurisdiction for fraud, wrongful trading or other misconduct?

12. Have you ever been the subject of a formal complaint in connection with Permitted

Activities which relates to your integrity, competence or financial soundness?

10. Have you ever been involved in the management of a company, Partnership

or other legal entity which has been the subject of an investigation for fraud,

wrongful trading or other misconduct?

13. Have you ever contravened any provision of financial services legislation,

rule, code of practice or principle or other standard made by or under any

overseas regulator or similar such body?

14. Have you ever been refused approval as a result of a fit and proper assessment

under any law in any jurisdiction which requires licensing, registration or approval?

YES

YES

YES

YES

YES

YES

YES

NO

NO

NO

NO

NO

NO

NO

Print name of the individual:



Signature: Date:

18


SECTION 8

ATTACHMENT CHECKLIST (PART 1)

DOCUMENT:

1. Board minutes or similar evidence of authority to register an entity

in the QFC.

5. Copy of the CV for each individual performing a registered function.

The CV should include (but not be limited to) details about:



• any continuing professional development requirements or training the

individual is subject to.

4. Additional information attached where the Applicant has answered ‘yes’ to

any of the questions in Part 1, Section 5 – History of Applicant’s Member(s).

7. Relevant CRO application form.

6. Additional information attached where any individual has answered

“yes” to any question on the fitness and propriety questionnaire in Part 1,

Section 7 – Appendix A.

3. An Applicant (or its Designated Representative) applying to be

incorporated as a Single Family Office must sign and attach a statement

containing the information set out in Article 15.5 of the Single Family Office

Regulations, and attach a signed letter from an Eligible Firm that satisfies

the requirements of Article 18 of the QFC Single Family Office Regulations.

2. Business plan which should typically cover:

• Background and history • International locations

• Activity in the Middle East • Opportunities identified in the QFC

• Divisions/Business units • Organisation in State of Qatar

• Corporate governance • Products and services

• Targeted clients • Marketing approach and delivery channels

INCLUDED: NO. OF DOCUMENTS:

Please also attach the relevant pages of the passport and a documentary evidence of address, e.g. a tenancy agreement or utility bill, for each individual performing a registered function and each individual Controller.

Note: The relevant pages of passports refer to the identification page and signature page i.e. the pages with the passport photograph and the passport holder’s signature.

19

SECTION 1


FINANCIAL RESOURCES

Note: Some types of Applicant do not need to complete this section. Please refer to the table on page 5 before completing this section.

An Applicant must keep financial records sufficient to demonstrate with reasonable accuracy the financial position of the firm, at any time, in accordance with the accounting and auditing requirements set out in QFCA General Rule 9.

1.1 What accounting standards or principles will the Applicant apply?

1.3 Were the projected cash flows model and assumptions

reviewed by an independent party (i.e. a professional adviser)?

Note: An Applicant must prepare and maintain all financial accounts and statements in accordance with IFRS, US GAAP, UK GAAP or such other principles or standards approved in writing by the QFC Authority.

YES NO

Note: Please attach documentary evidence of the financial strength of the Applicant’s Member(s). For a Body Corporate this includes the last two years’ audited financial statements of the parent company/head office.

1.2 How will the establishment of the Applicant be funded? What other sources of additional

funding does the Applicant have access to?

If yes, please provide the independent party’s feedback on the assumptions and the model

(or reference attached document). If no, how has the Applicant satisfied itself that the assumptions

are reasonable?

20


CONDUCT OF BUSINESS

2.1 Please attach and confirm the Applicant’s communication policy:

2.2 Please attach and confirm a document describing the controls the Applicant has in

place, or will have in place, to identify and manage any potential conflicts of interest to

ensure that all of its clients are treated fairly and not prejudiced by any such interests:

2.3 Please attach and confirm a document describing the controls the Applicant has in place,

or will have in place, to ensure that neither it or its employees offers, solicits or accepts any

inducement which is likely to conflict to a material extent with any duty it owes to its clients:

2.4 Please attach and confirm a document describing details about how the Applicant’s

whistle blowing mechanism works:

2.5 Please attach and confirm the Applicant’s client complaints procedure:

SECTION 2


21

CONDUCT OF BUSINESS (cont)

SECTION 2


2.7 Please attach and confirm the Applicant’s policy for the retention, storage, back-up

and format of electronic and hard copy records:

2.8 Will the internal auditor have full authority, independence

and access throughout the organisation?

2.9 Will the Applicant have any outsourcing arrangements?

YES

YES

NO

NO

If no, please explain why:

If yes, please provide details of the function(s) to be outsourced, the service provider(s),

and whether a service level agreement will be in place:

2.6 Please detail what steps the Applicant will take to ensure that all relevant employees

are aware of the client complaints handling procedures and act in accordance with them:

22

RECRUITMENT AND TRAINING

3.1 Please state who is, or will be, responsible within the Applicant for the recruitment

of staff:

3.2 Please detail how staffing requirements will be assessed and monitored on an on-

going basis:

3.3 Please detail how staff will maintain competency on an on-going basis and how and

when this will be reviewed:

3.5 Please detail the number of partners, professional staff and administrative staff for

the Applicant:

SECTION 3


3.4 Please detail how the fitness and propriety of staff will be assessed on an on-going basis:

Year 0

Year 1

Year 2

Year 3

YEAR PARTNERS/PRINCIPALS/EXECUTIVES PROFESSIONAL ADMINISTRATIVE TOTAL


23

ANTI-MONEY LAUNDERING

4.1 Does the Applicant meet the definition of a Designated Non-Financial

Business or Profession (DNFBP) as set out under the AML/CFTR Rules?

4.2 Please describe what resources will be applied to the prevention of money laundering.

Include details about staffing levels, responsibilities and reporting lines:

4.3 Name of deputy MLRO and their AML experience:

SECTION 4


If yes, please complete 4.2 – 4.4 below. If no, please proceed to next applicable section.

4.4 Please attach the Applicant’s AML policies and procedures and provide references for

where the following can be found:

a) Procedures for obtaining and retaining sufficient evidence of the identity of clients and business partners:

b) The on-going reviews of AML policies, procedures, systems and controls:

c) Procedures for detecting suspicious transactions:

d) The framework for risk assessment of the money laundering and terrorism financing risks the Applicant faces, including the types of the customers, products and services, the delivery of those products and services and the jurisdictions it deals with:

YES NO

Note: The QFC Regulatory Authority’s AML/CFTR Rules set out general and specific provisions regarding AML. The State of Qatar also has an AML regime that places obligations on Licensed Firms. The Applicant is expected to review the rules and design an AML framework that ensures these rules, requirements and standards will be met on a continuing basis.


24

PROFESSIONAL MEMBERSHIPS

AND COMPETENCE

5.1 Does the Applicant or professional staff undertaking the Applicant’s proposed activity

typically require qualifications, competences and/or professional memberships?

SECTION 5



YES NO


5.2 Please provide details of the professional bodies that the Applicant or its professional

staff are associated with and/or regulated by:

5.3 Please detail how the Applicant will ensure that it and any professional staff maintain

their qualifications and who is or will be responsible for it:

5.5 Please provide a list of the range of activities and jurisdictions the Applicant and its

employees are qualified to practise in, including any areas of speciality:

5.4 Please provide details of any codes of practice or rules that the Applicant complies

with, including relevant body and/or jurisdiction:

5.6 Please describe the types of clients and details of previous experience the Applicant

has in relation to the proposed business activities the Applicant intends to conduct in or

from the QFC:

25

SECTION 6


PROFESSIONAL INDEMNITY

INSURANCE (PII)

6.1 Would the nature of the Applicant’s activities typically involve advising unrelated parties

or would otherwise require cover for civil liability claims?


YES NO


6.2 Please describe or attach details of any PII cover held by the Applicant or its parent

including start/expiry dates:

6.3 Please describe or attach details of insured Persons, sums insured and specific events or activities covered, and illustrate why the sums insured are suitable to the nature and complexity of activities that the Applicant wishes to undertake:

6.6 Please describe or attach documentary evidence of the amount of any excess and themaximum claim payable:

6.7 Please describe or attach details of the past claims history, if applicable:

If yes please provide details:

6.4 Does the PII cover all activities carried out in or from

the QFC?

6.5 Are there any specific exclusions under the terms of the

insurance?

YES NO

YES NO

26

OWNERSHIP

7.1 Is this application being made to establish a branch or subsidiary within the QFC?

7.2 Name of Applicant’s parent entity:

SECTION 7



YES NO

7.3 Registered number and legal jurisdiction:

7.4 Address of registered office:

7.5 Address of head office (if different from registered office):

27

OWNERSHIP (cont)

7.6 Detail the parent entity’s individual and corporate Controllers and any individual with

significant influence including name, percentage holding and principal activities:

If yes, please provide details of each trading name used during the period and the period

it was used:

7.7 Has the Applicant’s parent entity used any other trading

name during the last 10 years?

SECTION 7


YES NO

Corporate Controller’s name(s): % holding: Principal activities:

Individual Controller’s name(s): % holding:Other Directorships held (please detail):

Executive/non-executive/independent

Note: Control has the meaning set out in QFCA Rule 8.2.1.

Typically individual Controllers that are not Directors will only need to provide their names and (if relevant) percentage holding.

Typically, members of the board would be considered to be Controllers.

28

CLIENT MONEY

8.1 Does the Applicant intend to hold client money as defined under Part 4 of the QFCA Rules?

8.2 Please describe or attach how the Applicant proposes to ensure compliance with the

segregation, client notifications, client reporting, reconciliation and record keeping requirements:

SECTION 8


Note: This section applies to an Applicant which intends to hold client money as defined under Part 4 of the QFCA Rules.

If yes, please complete 8.2 below. If no, please proceed to next applicable section.

YES NO

Note: If the Applicant will hold client money, the audit letter of engagement must include provision for a review of the Applicant’s client money arrangements as per the QFCA Rules.

29

SECTION 9


BUSINESS CONTINUITY

AND IT SYSTEMS

9.1 Bearing in mind the nature, scale and complexity of the Applicant, are IT and

technical resources fundamental to the business?

9.2 If yes, please attach IT systems architecture and policies the Applicant has or proposes to

have in place and describe how they will support its activities:

9.3 Please describe or attach the Applicant’s business continuity plan:

Note: This section applies to Applicants who rely heavily on Information Technology (IT) systems for the operation of their business.

If yes, please complete question 9.2 – 9.3 below. If no please proceed to Part 2, Section 10 – Attachment Checklist and complete the relevant appendices.

YES NO

30

SECTION 10



DOCUMENT:

1. Documentary evidence of financial strength, including but not limited

to the last two years’ audited financial statements of the parent company/

head office (if Applicant has completed Part 2, Section 1).

5. Copy of the Applicant’s anti-money laundering policies and procedures

(if Applicant has answered yes to question 4.1 in Part 2, Section 4).

4. Internal organisation and reporting lines structure chart (if Applicant has completed Part 2, Section 3).

7. PII certificate/cover note (if Applicant has answered yes to

question 6.1 in Part 2, Section 6).

9. Group structure chart (if Applicant has answered yes to question 7.1

in Part 2, Section 7).

11. Copy of business continuity policies and procedures (if Applicant has

answered yes to question 9.1 in Part 2, Section 9).

12. Copy of IT policies (if Applicant has answered yes to question 9.1

in Part 2, Section 9).

13. Other documents.

6. Evidence of Applicant’s professional memberships/affiliations


8. Governance structure of the parent and group companies (if Applicant has answered yes to question 7.1 in Part 2, Section 7).

10. Samples of client notifications and reports regarding client money


3. Copy of client complaints procedures (if Applicant has completed Part 2,

Section 2).

2. Copies of documents showing the financial position of the Applicant’s Incorporators/Members and the Applicant’s projected income and

expenditure for the next three years, including:

• opening balance sheet;

• year 1, 2, 3 forecasts of profit and loss; and

• cash flow forecast (if Applicant has completed Part 2, Section 1).


IF YOU ARE APPLYING FOR A LICENCE

FROM THE QFC AUTHORITY, THIS PAGE

MARKS THE END OF THE APPLICATION

PART 3 is for existing Licensed Firms that need to notify the QFC Authority of a change in the

individual carrying out a registered function.

32

SECTION 1


IDENTIFICATION OF

INDIVIDUAL(S)

1.1 Legal name of Licensed Firm:

1.3 If the same person is proposed to perform either the SEF or Designated Representative

Function and the MLRO, please explain the control and conflict management processes in

place to govern this arrangement:

1.2 Please provide the name of the individual taking over the registered function:

Note: This part of the form is only for existing Licensed Firms to notify the QFC Authority of a change in the individual(s) carrying out a registered function.

Senior Executive Function:

Money Laundering Reporting Officer:

Designated Representative Function (applicable for a Single Family Office):

33

SECTION 1


IDENTIFICATION OF

INDIVIDUAL(S) (cont)

1.5 I have the authority to make this notification, to declare as specified below and sign

this form for, or on behalf of, the Licensed Firm. I have the authority to give the consent

specified below.

I confirm that the Licensed Firm has undertaken the necessary investigations and enquiries

into the fitness and propriety, and competence of individuals carrying out registered

functions as set out in General Rules 13 and 14 respectively, of the QFCA Rules.

Print name of authorised person:

Position:

Note: Please attach a copy of the CV for each individual. The CV(s) should include (but not be limited to) details regarding:



• any continuing professional development requirements or training the individual is subject to.

Please also attach the relevant pages of a valid passport and a documentary evidence of address, e.g. a tenancy agreement or utility bill, for each individual.

1.4 A copy of Part 3, Section 2 – Appendix B must be completed by each individual undertaking

a registered function for which a change is sought. Please provide the number of copies attached:

Signature: Date:

34

SECTION 2


APPENDIX B: FITNESS AND

PROPRIETY QUESTIONNAIRE

Note: This part of the form is only for existing Licensed Firms to notify the QFC Authority of a change in the individual carrying out a registered function. Each individual proposed to undertake a registered function must complete a copy of Part 3, Section 2 – Appendix B.

B.1 Title:

B.4 Date of birth:

B.2 Surname:

B.7 Date of change(s):

B.15 Resident at this address since:

B.14 Residential address (not an office or PO Box address):

B.6 Previous name(s):

B.5 National ID no. (in country of residence):

B.3 Forename:

B.8 Nationality:

B.10 Place of birth:

B.12 Email address:

B.9 Passport number:

B.11 Passport expiry date:

B.13 Telephone number:

35

Unless otherwise stated, the questions refer to both the individual’s experience in the State of Qatar and any other country or jurisdiction. If the individual answers ‘yes’ to any question below, please attach an explanation and any supporting documentation along with this application.

B.16 Please answer all of the following questions for each individual (attach copies as required):

1. Have you ever been convicted or found guilty of any offence related to fraud,

theft, false accounting, serious tax offences, dishonesty, money laundering,

market manipulation, insider dealing or any other financial sector crimes?

4. Have you ever been disqualified by a court or regulator of competent

jurisdiction from acting as a Director or in any other management capacity of

any company, Partnership or other legal entity?

2. Have you ever been refused entry to, been dismissed from, or requested to

resign from any profession, vocation, office or employment, position of trust or

fiduciary office whether or not remunerated?

5. Have you ever been censured, criticised, suspended, expelled, fined or been the subject

of any investigation, intervention or disciplinary proceedings by any overseas regulator,

governmental authority or other regulatory or self-regulatory authority or similar body?

3. Have you ever been refused, restricted in, or had suspended, the right to carry

on any business, trade or profession for which a specific licence, registration,

authorisation or other authority is required?

6. Have you ever resigned or been required to resign from any company,

Partnership or other legal entity whilst under investigation by any such body?

7. Has a company, Partnership or other legal entity in any country or jurisdiction

ever been wound up, put into liquidation, ceased trading, placed in receivership or

administration or entered into a rescheduling of its debts with its creditors while you

were a Director, partner or otherwise involved in the management of that entity or

within one year of you leaving?

YES

YES

YES

YES

YES

YES

YES

NO

NO

NO

NO

NO

NO

NO

SECTION 2




36



8. Have you ever been declared bankrupt or entered into an alternative

voluntary arrangement to avoid bankruptcy?

11. Have you ever been the subject of disciplinary procedures by a government

body, agency or other self-regulatory body or professional organisation?

9. Have you ever been subject to any adverse finding by a court of competent

jurisdiction for fraud, wrongful trading or other misconduct?

12. Have you ever been the subject of a formal complaint in connection with Permitted

Activities which relates to your integrity, competence or financial soundness?

10. Have you ever been involved in the management of a company, Partnership

or other legal entity which has been the subject of an investigation for fraud,

wrongful trading or other misconduct?

13. Have you ever contravened any provision of financial services legislation,

rule, code of practice or principle or other standard made by or under any

overseas regulator or similar such body?

14. Have you ever been refused approval as a result of a fit and proper assessment

under any law in any jurisdiction which requires licensing, registration or approval?

YES

YES

YES

YES

YES

YES

YES

NO

NO

NO

NO

NO

NO

NO

Print name of the individual:

SECTION 2


Signature: Date:

37


DOCUMENT:

3. Additional information attached where any individual has answered

“yes” to any question on the fitness and propriety questionnaire.

2. Attach the relevant pages of each individual’s passport and a documentary

evidence of address, e.g. a tenancy agreement or utility bill, for the individual.

Note: The relevant pages of passports refer to the identification page and

signature page i.e. the pages with the passport photograph and the passport

holder’s signature.

1. Copy of the CV for each individual performing a registered function.

The CV should include (but not be limited to) details about:



• any continuing professional development requirements or training the

individual is subject to.


SECTION 3


38

PART 4: GLOSSARY

The Anti-Money Laundering and Combating Terrorist Financing Rules 2010.

The firm to be established and licensed to carry on Non-Regulated Activities in or from the QFC.

An auditor that satisfies the requirements as set out in Section 4 of the QFC Companies Rules and

appears on the approved register of auditors for the QFC.

Any body corporate, including a LLP, constituted under the Companies Regulations or the Limited

Liability Partnership Regulations and a body corporate constituted under the law of a country or

territory outside of the QFC.

Means anyone who acquires or exercises Control over a Licensed Firm.

The Companies Registration Office.

Premises designated as QFC premises by the Council of Ministers.

Each single family office must appoint a Designated Representative to be the point of contact for

the QFC Authority and carry out the role prescribed under Article 21 of the Single Family Office

Regulations.

In relation to any Body Corporate, unincorporated association or Partnership, a Person appointed

to direct its affairs including a Person named as director or any Person in accordance with whose

instructions that Body Corporate or Partnership is accustomed to act.

A professional services firm providing legal, accountancy, management or tax services, or any other

firm recognised by the QFC Authority in its absolute discretion as being eligible to provide the letter

required in Article 18 of the Single Family Office Regulations.

The Financial Action Task Force, an inter-governmental body developing and promoting policies to

combat money laundering and terrorist financing.

Generally Accepted Accounting Principles.

International Financial Reporting Standards.

A licence to carry on Permitted Activities in or from the QFC granted in accordance with Article 11

of the QFC Law.

A Person licensed by the QFC Authority to engage in Non-Regulated Activities in or from the QFC,

and that is not an Authorised Firm.

Limited Liability Partnership.

AML/CFTR RULES:

APPLICANT:

APPROVED AUDITOR:

BODY CORPORATE:

CONTROLLER:

CRO:

DESIGNATED PREMISES:

DESIGNATED REPRESENTATIVEFUNCTION:

DIRECTOR:

ELIGIBLE FIRM:

FATF:

GAAP:

IFRS:

LICENSED FIRM:

LICENCE:

LLP:

39

PART 4: GLOSSARY

Please refer to Article 19 of the QFC Companies Regulations 2005 for a definition of Members.

Money Laundering Reporting Officer. This is the individual responsible for ensuring that the

Licensed Firm meets its on-going obligations to the AML/CFTR Rules.

The QFC Law, No 7 of 2005 (Schedule 3), describes a range of non-regulated activities that may be

carried on in or from the QFC.

A regulatory or governmental authority, body or agency in a jurisdiction outside the QFC (whether

in the State of Qatar or otherwise).

Any partnership, including a partnership constituted under the law of a country or territory outside

the QFC, but not including a LLP.

Any activities which are required by QFC Law or Regulations, not to be conducted except pursuant

to an approval, authorisation or Licence.

Any Person and includes a natural or legal person, Body Corporate or body unincorporated,

including a branch, company, Partnership, unincorporated association or other undertaking,

government or state.

The Qatar Financial Centre.

The Qatar Financial Centre Authority.

The Qatar Financial Centre Regulatory Authority.

Law No. 7 of 2005 (“QFC Law”) (Schedule 3 – Part 1) describes a range of Regulated Activities that

may be carried on in or from the QFC.

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 business of a Licensed Firm; or

• in the case of a Licensed Firm established outside the QFC operating through a branch in the

QFC (a non-local firm), for the business of the Licensed Firm carried out in or from the QFC.

A Body Corporate, Partnership or LLP approved by the QFC Authority to act as an SSP. Such an

SSP is appointed and retained by a Special Purpose Company to provide the following services:

• management and administrative services;

• services as a registered agent, Director or similar officer;

• provision of a registered office, place of business or address; and

• such other services as may be prescribed from time to time by the QFC Authority.

MLRO:

MEMBERS:

NON-REGULATED ACTIVITIES:

OVERSEAS LICENSINGAUTHORITY/BODY:

PARTNERSHIP:

PERMITTED ACTIVITIES:

PERSONS:

QFC:

QFC AUTHORITY:

QFC REGULATORY AUTHORITY:

REGULATED ACTIVITIES:

SENIOR EXECUTIVE FUNCTION(SEF):

SUPPORT SERVICES PROVIDER(SSP):

40

ADDITIONAL INFORMATION

PO Box 23245, Doha, Qatar • T: +974 4496 7777 • F: +974 4496 7676 • [email protected] • qfc.qa

QATAR FINANCIAL CENTRE (QFC)

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