• SCHEDULE 1 SCHEDULE 1 Conditions of Licence - Company service providers

    • Condition 1 - Fit and proper person

      1. The applicant is a body corporate and is a fit and proper person to hold a licence as a company service provider and every person who is, or is to be, a director, partner or manager of the applicant is a fit and proper person to hold that position.
      2. In determining whether an applicant is a fit and proper person to hold a licence as a company service provider, regard shall be had to–
      (a) the nature, scale and complexity of the activities of the applicant and any associated risks that those activities pose to the Abu Dhabi Global Market,
      (b) whether the applicant's business model will allow for its affairs and business to be conducted and managed in a sound and prudent manner, having regard in particular to the interests of consumers and the integrity of the Abu Dhabi Global Market,
      (c) whether the person who is, or is to be, a director, partner or manager of the applicant is a fit and proper person to hold that position,
      (d) any matter which may harm or may have harmed the integrity or the reputation of the Registrar or the Abu Dhabi Global Market, and
      (e) any other relevant matters.
      3. In determining whether an individual is a fit and proper person to hold a particular position with respect to the applicant, regard shall be had to–
      (a) their probity, competence, experience and soundness of judgement for fulfilling the responsibilities of that position,
      (b) the diligence with which they are fulfilling or likely to fulfil those responsibilities,
      (c) whether the interests of clients of the applicant are, or are likely to be, in any way threatened by them holding that position,
      (d) in the case of those who will manage the applicant’s affairs, their skills, experience, educational and professional qualifications, membership of professional or other relevant bodies and any evidence of their continuing professional education or development,
      (e) their knowledge and understanding of the legal and professional obligations to be assumed or undertaken, and
      (f) their record of compliance with legal obligations, with any professional obligations or with policies and procedures applicable to them.

    • Condition 2 – Policies, Procedures and Controls

      1. The applicant must establish and maintain compliance arrangements including policies, controls, processes and procedures that ensure and evidence, as far as reasonably practicable, compliance with all regulations, rules, guidance and instructions applicable to it.
      2. The applicant must have in place training to communicate those policies, controls and procedures, and any changes to them, to the applicant’s employees.
      3. The policies, controls and procedures must include–
      (1) risk management,
      (2) anti-money laundering, including customer due diligence,
      (3) the handling and segregation of client funds and assets,
      (4) record keeping, and
      (5) the monitoring and management of compliance with, and the internal communication of, such policies, controls and procedures.
      4. An applicant must, or upon the grant of a licence will, distinguish between the fees payable:
      (a) to the Registrar; and
      (b) to the applicant for its services,
      in all forms of communication, including the issuing of invoices, relating to any services offered or conducted by the applicant.

    • Condition 3 – Appropriate insurance cover

      1. An applicant must, or upon the grant of a licence will, maintain professional indemnity insurance cover that –
      (1) is appropriate to the nature and size of the applicant’s business; and
      (2) includes cover against negligence, errors or omissions by the applicant, and any liability for the acts of the applicant’s directors, officers and employees, adequate to manage the applicant’s business or intended business effectively and responsibly.

    • Condition 4 – Prudent business operation and adequate resources

      1. The applicant must conduct its business in a prudent manner.
      2. The applicant must maintain and be able to demonstrate the existence of adequate resources to conduct and manage its affairs. These include adequate financial and system resources as well as adequate and competent human resources.