A crowdfunding company shall have adequate staff who possess the requisite qualifications, competencies and skills to individually and collectively provide the range of skills and experience to manage its affairs in a sound and prudent manner.
A crowdfunding company shall ensure that the following relevant functions/persons are ‘fit and proper’:
Members of the Board of Directors;
Chief Executive Officer or General Manager;
Chief Financial Officer or equivalent;
Chief Risk Officer or equivalent;
Head of Compliance or equivalent;
Money Laundering Reporting Officer; and
Sharia advisor, as appropriate when offering Islamic products.
To be considered ‘fit and proper’, the relevant person shall demonstrate personal integrity, honesty and good reputation, shall be competent to undertake the role assigned and shall be financially sound. The relevant person must not have:
Served as an auditor of a crowdfunding company while concurrently serving in the board of directors of the same crowdfunding company.
Been terminated from any senior executive position in a company engaged in financial activities on the basis of disciplinary matters or on the basis of a disciplinary action based on a court judgement.
Been found guilty of any crime that violates honour or ethics, or that involves violence.
Failed to honour financial liabilities to any bank or creditor.
Declared bankruptcy or failed to reach a settlement agreement with creditors.
Had properties confiscated; or
Been placed under court receivership, unless he had been rehabilitated or pardoned by the relevant authorities.
All licensed crowdfunding companies must comply with applicable Emiratization requirements issued by the National Human Resources Development and Employment Authority, or any other UAE government ministry and subsequent Central Bank requirements.