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Appendix TC-1 Qualifications and Core Competencies of Controlled Functions

Role Core Competencies How can competence be demonstrated?
Director Directors should have:
(a) Experience to demonstrate sound business decision-making; and
(b) A good understanding of the industry and its regulatory environment.
This person should be experienced in the industry. Competence could be demonstrated by:
(a) Holding a relevant professional qualification; or
(b) A minimum length of service (at least 5 years at director or senior management level) in the industry or another industry.
Chief Executive or General Manager These roles require:
(a) A clear understanding of the role and responsibilities associated with this position;
(b) A good understanding of the licensee's business, the broader industry and its regulatory environment; and
(c) The relevant experience and qualifications associated with any executive responsibilities.
This person should be experienced as a senior manager in the financial services industry for a minimum of 5 years. Ways of demonstrating competence could include holding or working towards a relevant qualification.

Relevant qualifications should involve an examination of topics such as the general economic background, financial markets, legal issues, clients' financial needs and objectives, relevant social issues, regulatory codes and legislation, roles of financial advisers, in addition to risks, costs and benefits of financial products.
Head of Function This role requires:
(a) A clear understanding of the role and responsibilities associated with the relevant function;
(b) A good understanding of the licensee's business, the broader industry and its regulatory environment; and
(c) The relevant experience and qualifications to fulfill their responsibilities.
A senior manager responsible for a specialist function should demonstrate the competencies required for that role.

The person must have area specific experience/qualifications as required for head of function. These include accounting qualifications for financial managers, Bachelors degree in Banking or Finance, MBA, etc.

Certain roles may require qualifications such as the CISI/ESA Islamic Finance Qualification, or other relevant certifications. The benchmark qualifications include certifications issued by a recognized institute such as any:
(a) Certificate in Securities;
(b) Certificate in Securities and Financial Derivatives;
(c) Certificate in Investment Management;
(d) Professional Certification in Accounting; and/or
(e) Equivalent certificates or degrees.
The head of function should have at least 5 years of experience in the industry and will typically hold, or be working towards, a relevant professional qualification in the field of banking and finance, or as appropriate to the controlled function.
Head of Treasury In addition to the requirements outlined for individuals holding positions of head of function, this role requires:
(a) A clear understanding of banking and treasury related products;
(b) A clear understanding of the Asset Liability Management and Risk Management; and
(c) A good understanding of the Financial Markets, Capital Markets, Latest Product Offering, hands-on working knowledge of the various treasury systems and risk management functions.
The treasury function is highly specialised, and as such, the head of this function needs to satisfy further qualifications in comparison to other function heads.

In addition to holding a minimum of 5 years of experience, the Head of Treasury must also hold certifications required for a head of function.

Additional qualifications for the Head of Treasury may include the following certifications issued by a recognized institute:
(a) MBA (Finance and Marketing);
(b) ACI Diploma;
(c) CFA;
(d) ACI Dealing Certificate, ACI Operations Certificate;
(e) General Securities Representative Qualification (Series 7); and/or
(f) PRM.
Compliance Officer A Compliance Officer should:
(a) Have the ability and experience to take responsibility for implementing and maintaining compliance policies;
(b) Have the appropriate level of experience to demonstrate independence from other functions within the licensee;
(c) Have a thorough understanding of the industry and the applicable regulatory framework;
(d) Have knowledge of different types of investment structures and the structural and operational arrangements of investment firm licenseesG ;
(e) Have knowledge of the financial instruments dealt by the licensee; and
(f) Have knowledge of the requirements for providing services in other jurisdictions.
The level of required competence varies based on the scope, magnitude and complexity of the licensee.
The person should have a minimum of 2 years of relevant experience in a compliance function of a financial institution.

Additional relevant certifications may include:
(a) Diploma in International Compliance offered by the International Compliance Association; and/or
(b) Other relevant professional qualification.
Money
Laundering
Reporting
Officer
(MLRO)
The MLRO should:
(a) Understand the business and how the Anti Money Laundering framework applies thereto; and
(b) Have the appropriate level of experience to demonstrate independence from staff of the licensee dealing directly with customers.
An MLRO will typically hold a relevant professional qualification and/or a qualification related to the financial activities. These may include:
(a) Certified Anti-Money Laundering Specialist Examination (ACAMS);
(b) Other relevant MLRO programs; and/or
(c) Diploma in International Compliance offered by the International Compliance Association.
Additionally, he must have undergone training in anti money laundering, in a recognized institute. The initial training must be for a period of 35 hours or more.

MLROs should have thorough knowledge of the financial institutions industry and be familiar with relevant international standards and applicable domestic regulatory requirements.
Members of Shari'a Supervisory Board This role requires:
(a) An appropriate level of knowledge of Islamic Finance and related rules and their application to the industry; and
(b) A good understanding of the industry.
Members of a Shari'a Supervisory Board should be:
(a) Highly experienced in their field; and
(b) Specialized jurists in Fiqh Al-Mua'malat (Islamic commercial jurisprudence) and familiar with Islamic finance.
Financial
Instruments
Trader
This role requires:
(a) A thorough understanding of Financial Markets, Capital Markets, Latest product offering, working knowledge of the various treasury systems, Asset Liability Management (ALM) and risk management functions; and
(b) Understanding of the industry and its regulatory environment.
The benchmark qualifications include certifications issued by a recognized institute such as:
(a) Any professional qualification/degree in accounting, finance, banking, and/or investment management;
(b) ACI Dealing Diploma/Certificate (The Financial Markets Association);
(c) CFA;
(d) General Securities Representative Qualification (Series 7);
(e) Any certificate in Securities;
(f) Any certificate in Securities and Financial Derivatives;
(g) Any certificate in Investment Management;
(h) Certified Islamic Professional Accountant; and/or
(i) Securities Market Regulation Certification Programme; and/or
(j) Equivalent certificates or degrees.
Investment Consultant / Investment Adviser This role requires:
(a) A thorough understanding of Financial products, Financial Markets, Capital Markets, latest product offering, Asset Liability Management and risk management functions;
(b) An awareness of tax issues associated with investment activities (where applicable); and
(c) An understanding of the Investment Code of Practice ('the Code').
It is expected that any person who is involved in advising customers on investment products has attained an appropriate qualification such as:
(a) Any professional qualification/degree in accounting, finance, banking, and/or investment management;
(b) ACI Dealing Diploma/Certificate (The Financial Markets Association);
(c) CFA;
(d) General Securities Representative Qualification (Series 7);
(e) Certificate in Financial Planning papers 1-3 (The Chartered Insurance Institute);
(f) IFA Certificate for Financial Advisers;
(g) Any Securities Investment Institute/Financial Adviser qualification; and/or
(h) Any equivalent or higher level qualification.
Amended: October 2015
Amended: October 2013
Amended: January 2012
Amended: January 2011
Adopted: July 2010
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