46. Criteria for appointment of Designated Individual

(1) Before appointing an individual to carry on a Designated Function, an Authorised Person must take reasonable steps to satisfy itself that the individual is fit and proper to be a Designated Individual and to carry on the relevant Designated Function.

(2) In making this assessment the Authorised Person must have regard to:

• (a) the individual's integrity;
• (b) the individual's competence and capability;
• (c) the individual's financial soundness;
• (d) the individual's proposed role within the Authorised Person; and
• (e) any other matters that the AFSA may prescribe by Rules.

(3) An Authorised Person may not regard an individual as fit and proper if the individual:

• (a) is bankrupt; or
• (b) has been convicted of a serious criminal offence; or
• (c) is the subject of an administrative or civil finding; or
• (d) is incapable, through mental or physical incapacity, of managing his affairs.

47. Review of appointments by the AFSA

(1) An Authorised Person must maintain records of the assessment process that it conducts in respect of each Designated Individual appointed by it.

(2) An Authorised Person must make such records available to the AFSA on request.

(3) If the AFSA considers that a Designated Individual is not fit and proper, it may take such steps as it considers necessary or desirable in the interests of the AIFC.