Fit-and-proper eligibility requires financial capacity, integrity and continuing compliance by intermediaries, controllers and key management persons.

Fit and proper person eligibility for applicants and registered intermediaries requires satisfaction of the applicable competence and capability standards, including infrastructure and manpower requirements, and financial soundness, including applicable net-worth requirements. Assessment extends beyond the applicant or intermediary to its principal officer, directors or managing partners, compliance officer, key management persons, promoters, and persons directly or indirectly holding controlling interest or exercising control. The criteria apply both at registration and throughout its continuance, and intermediaries must ensure continuing compliance by the covered persons.

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