Licensees must document the results of the Fit and Proper Process for all Persons; and all information and results of the process must be kept confidential. The consent of the Person must be obtained prior to sharing any information or documents, except in cases where required under UAE law.
10.2
Upon completion of the Fit and Proper Process for Authorized Individuals or Collective Suitability assessments for the Board, whether conducted as part of the Licensee’s ongoing programme of reassessments or triggered by an event, the results of these assessments must be submitted to the Central Bank immediately upon finalisation. If the Person is found to be not fit and proper and/or suitable for the Designated Function, the action taken or proposed plan of action for remediation of the breach must also be reported to the Central Bank.
10.3
Where a Licensee becomes aware of circumstances or information that may materially, adversely affect the fitness and propriety of an Authorized Individual, or the Collective Suitability of the Board the Licensee must immediately notify the Central Bank in writing and provide all necessary details, supporting documentation and the results of the reassessment, where applicable. The Licensee must provide an indication of whether the information led or will lead to a reassessment of fitness and propriety of the Person or the Collective Suitability, and if not, the Licensee must provide appropriate justification for not conducting the reassessment.
10.4
A Licensee must formally notify the Central Bank in a form specified by the Central Bank, of the resignation or retirement of any Authorized Individual immediately, but no later than five (5) business days of the Licensee’s receipt of the retirement or resignation notice, as the case may be. In the case of members of the ISSC, and heads of internal Shari’ah control and internal Shari’ah audit departments, in addition to the Central Bank, the Licensee must also notify the Higher Shari’ah Authority. The notifications to the Central Bank and Higher Shari’ah Authority must include all pertinent details, including the effective date of the retirement or resignation and in the case of resignation, the reasons cited by the Person for the resignation, where applicable.
10.5
A Licensee must conduct an exit interview with an Authorised Person who has resigned from their post. The proceedings of the exit interview must be documented and made available to the Central Bank, upon request.
10.6
Licensees must report any other matter that the Central Bank reasonably expects to be aware of, including breaches of any of the provisions of this Regulation and accompanying Standards.