Fit and proper eligibility requires intermediaries and connected persons to maintain integrity, financial soundness, and ongoing regulatory compliance. Fit and proper person status is required for registration and continuing registration of securities intermediaries. The criteria cover competence, ... Summary
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Fit and proper eligibility requires intermediaries and connected persons to maintain integrity, financial soundness, and ongoing regulatory compliance.
Fit and proper person status is required for registration and continuing registration of securities intermediaries. The criteria cover competence, infrastructure, manpower, financial soundness and net-worth requirements, and apply to the intermediary, senior management, compliance personnel, key management persons, promoters and controlling persons. Assessment includes integrity and specified adverse events, including operative restraint orders, pending recovery proceedings, relevant convictions, insolvency, wilful-defaulter categorisation and fugitive-economic-offender status. Covered persons must be replaced or restricted from voting and required to divest holdings when declared not fit and proper.
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