Principles of conduct for individuals

4.1.   The principles for Approved Individuals and Designated Individuals are set in section 4.3 of the AIFC General Rules.

4.2.   The principles are a general statement of the standards expected of individuals who perform Controlled Functions or Designated Functions. They relate directly to the conduct of firms’ business by such individuals.

4.3.   The principles are not exhaustive of the standards expected. Complying with the principles does not absolve an individual from failing to observe other requirements, and observing such other requirements does not assure compliance with the principles.

4.4.   An individual’s failure to comply adequately with the principles is likely to affect the AFSA’s assessment of his or her fitness and propriety. A breach of the principles could form the basis of action by the AFSA.