Licensees must subject Material Risk Takers to the Fit and Proper Process and ensure that they have obtained the appropriate competence, skills, experience and training required to perform the relevant function.
5.2
The Licensee’s assessment of Material Risk Takers’ fitness and propriety must be based on the relevant criteria established in Article (7) of the Standards. When assessing qualifications, knowledge, skills and experience, the role and duties of the specific position must be considered.
5.3
The Licensee must establish and implement approved policies and procedures to ensure that Material Risk Takers meet and continue to meet the fitness and propriety criteria throughout their tenure. The policies and procedures must, at a minimum, cover the applicable criteria established in Article (7) of the Standards. These policies and procedures must be reviewed on a regular basis and must be kept aligned with CBUAE requirements, as they evolve.
5.4
The Central Bank must be notified of the appointment of Material Risk Takers within thirty (30) days of the appointment.
5.5
The Licensee must provide the Central Bank with access to the information collected or procedures conducted in the context of the nomination and appointment of Material Risk Takers, when requested.
5.6
Material Risk Takers must undergo a comprehensive training programme at the commencement of their engagement with the Licensee, which is relevant to their function, where required. Specific training programmes may need to be completed for certain functions and these may be set by the Central Bank in separate Regulations.
5.7
Licensees must ensure that the knowledge of Material Risk Takers is up to date and that Material Risk Takers undergo training on an ongoing basis, relevant to their particular functions.
5.8
Licensees must conduct ongoing assessments of Material Risk Takers to ensure that they remain suitable for their posts over the entire period of their engagement. In addition to the criteria established in Article (7) of the Standards, the assessments must take into account the following, where applicable:
a.
the nature of the functions undertaken by the Person;
b.
the quality of advice or information provided to consumers;
c.
the quality of the decisions taken by the Material Risk Taker;
d.
the Person’s knowledge of and compliance with legal and regulatory requirements relevant to the role;
e.
the results of performance reviews or assessments of the Person;
f.
any complaints that have been lodged in relation to the Person; and
g.
the verified number of hours of CPD completed or scheduled to be completed.