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6.4 Appointment of the Manager in Charge

N 35/2018 STA
  1. 6.4.1The Licensed Person must obtain a Letter of No Objection from the Banking Supervision Department prior to the appointment of its Manager in Charge by submitting a duly completed APA Form (Refer to Appendix 5 for this Form) along with all required documents to the Banking Supervision Department;
  2. 6.4.2The Central Bank shall conduct a fit and proper test on the proposed Manager in Charge before issuing the Letter of No Objection. The Central Bank reserves the right to:
    1. a)interview the proposed Manager in Charge as part of the fit and proper test; and
    2. b)issue or decline the approval for the proposed Manager in Charge.
  3. 6.4.3In case the prior approval is rejected by the Central Bank, the Licensed Person must propose a new Manager in Charge within the timeline provided by the Central Bank in the Letter of Rejection. If a specific timeline is not provided in the Letter of Rejection, then the Licensed Person must propose a new Manager in Charge within a period of one hundred and eighty (180) calendar days from the date of Letter of Rejection.
  4. 6.4.4Minimum Qualification and Experience of the Manager in Charge:
    1. a)If the Licensed Person is in possession of a Category A License:
      • •A minimum of five (5) years of experience within any financial institution(s), of which at least two (2) years in senior management position(s), such as head of a core function, Manager in Charge, General Manager/CEO or member of the Board of Directors; and
      • •Sound knowledge of all applicable Laws, Rules, Regulations, Notices and the Standards related to Exchange Business in the UAE.
    2. b)If the Licensed Person is in possession of either a Category B or Category C License:
      • •A minimum of eight (8) years of experience within any financial institution(s), of which at least four (4) years in a senior management position(s), such as head of a core function, Manager in Charge, General Manager/CEO or member of the Board of Directors;
      • •Sound knowledge of all applicable Laws, Rules, Regulations, Notices and the Standards related to Exchange Business in the UAE; and
      • •Preference may be given to those with a Bachelor degree or higher in any discipline.
  5. 6.4.5Employment Type and Residential Status of the Manager in Charge:
    1. a)The Manager in Charge must be a full time employee of the Licensed Person;
    2. b)The Manager in Charge is not permitted to hold any position or responsibility or role in or on behalf of any other entity or business, whether inside or outside the UAE;
    3. c)The Manager in Charge must be a resident in the UAE; and
    4. d)Foreign national must be under the employment visa of the Licensed Person when employed as a Manager in Charge.
  6. 6.4.6Responsibilities of the Manager in Charge:
    1. a)The Manager in Charge is responsible for the effective management of all aspects/activities of a Licensed Person.
  7. 6.4.7Resignation of the Manager in Charge and notification to the Central Bank:
    1. a)The Licensed Person must notify the Banking Supervision Department, within five (5) working days, in case the Manager in Charge resigns or vacates the office in any other manner with reasons thereof via email to: info.ehs@cbuae.gov.ae;
    2. b)The Licensed Person must also provide, in the above notification email, the contact details of an alternate person (i.e. Interim Manager in Charge) who will be responsible for managing the business until the position of the Manager in Charge is permanently filled in; and
    3. c)A permanent replacement must be appointed after obtaining a Letter of No Objection from the Banking Supervision Department within a period of one hundred and eighty (180) calendar days from the date when the position of the Manager in Charge falls vacant (Refer to Paragraphs 6.4.1, 6.4.2 and 6.4.3 of this Chapter).
  8. 6.4.8Removal of the Manager in Charge:
    1. a)The Central Bank reserves the right to remove the Manager in Charge of a Licensed Person at its sole discretion;
    2. b)The Licensed Person, in such cases, must comply with Paragraphs 6.4.7 (b) and 6.4.7 (c) of this Chapter; and
    3. c)The Central Bank reserves the right to communicate or not to communicate the reasons to the Licensed Person for its decision to remove the Manager in Charge.