Definition Of Fitness And Propriety

An administrator of a deed of company arrangement executed by the corporation or f.

Definition of fitness and propriety. A trustee other person administering a compromise or arrangement made between the corporation someone else. The concept of fitness and propriety appears in a number of pieces of regulatory legislation and the overarching interpretation of the term includes the consideration of an individuals integrity financial standing and competence. Statement of good practice 1 certification regime. Assessing fitness and propriety.

It requires senior managers to attest annually to the fitness and propriety f p of individuals who are managing significant risks. B assessing the continuing fitness and propriety of aperson approved to perform the function of anfca approved smf manager including for formulating an opinion about whether. Appendix 1 provides further details about each of these components. The new certification regime commenced on 7 march 2016.

Affect the fitness and propriety of a senior manager it must notify the pra and fca as soon as possible see fit 1 3 4a and the pra rulebook. Propriety definition is the quality or state of being proper or suitable. 1 3 persons approved by the authority are expected to remain fit and proper. In assessing fitness and propriety the fca 1 will also take account of the activities of the firm for which the controlled function is or is to be performed the permission held by that firm and the markets within which it operates.

1 2 it is a requirement under the regulatory laws that persons carrying out or proposing to carry out certain functions in a licensee or regulated fund be fit and proper. We approve an individual only when we are satisfied they are fit and proper to perform the smfs that they have applied for. A assessing the fitness and propriety of acandidatewhom thefirm is proposing to put forward for approval as anfca approved smf manager. A liquidator of the corporation or g.

Where an issue has been identified which goes to a relevant individual s fitness and propriety it should also be included in any subsequent regulatory reference given the. The concept of fitness and propriety appears in a number of pieces of regulatory legislation and the overarching interpretation of the term includes the consideration of an individuals integrity financial standing and their competence and capacity. Declaration of fitness and propriety s10 12 13 of the µ vv à e vo á îìíì pa02 e.