It is a requirement under the regulatory Laws that licensees and individuals in Prescribed Positions be fit and proper. “Prescribed Position” means director, controller, partner, manager, senior officer, significant shareholder, shareholder controller, indirect controller, general representative, beneficial owner of a financial services business, company secretary and such other positions as may be prescribed by regulations of the Commission.
In order to allow the Commission to assess an individual’s competence, integrity, fitness and propriety for a prescribed position, a personal questionnaire (“Form PQ”) must be completed by the individual and submitted to the Commission. Not all categories of manager are required to complete the Form PQ and a decision tree to assist individuals in determining whether their manager role requires a Form PQ is included in the accompanying Guidance Notes. Please note that money laundering reporting officers, compliance officers, actuaries appointed to companies carrying on long term business and, where the Commission considers appropriate, company secretaries of entities regulated or supervised by the Commission are required to complete a personal questionnaire.
The Form PQ is available using this link.
The Commission must be notified immediately of any material changes to the facts declared in a personal questionnaire. The personal declaration (“Form PD”) available here should be used for this purpose.
Completing the Forms
Guidance Notes on the completion of personal questionnaires and personal declarations are available here.
Please either -
save the relevant Form to your computer, complete it electronically then print and sign, or
print the Form and complete it by hand.
The completed Form should then be returned to the Commission. Only signed and dated originals of Forms will be accepted by the Commission; photocopies of Forms are not acceptable. The Commission reserves the right to return a Form that has not been completed in accordance with these Guidance Notes and treat the notification requirement under the applicable regulatory Law as not having been satisfied.
New Forms PD and PQ from 3 January 2012
Recently the Commission announced that the Forms PD and PQ have been reviewed to take into account feedback received over the last several years regarding the old forms and their usefulness. This has led to the development of a new Form PQ, new Form PD and new Guidance Notes. These documents will supersede the existing Forms and Guidance notes currently utilised from 3 January 2012. The Commission requires that from 3 January 2012 only the new versions of the Forms PQ and PD be submitted to it.
From 3 January 2012 the Commission will not accept completed old versions of the Form PQ or Form PD and will return these Forms and treat the notification requirement under the applicable regulatory Law as not having been satisfied.
New PQ and PD Forms Now Available