The objective of this Regulation is to implement a framework for ensuring that Authorized Individuals and Material Risk Takers are fit and proper, and suitable to perform their functions within a Licensee. The accompanying Standards supplement this Regulation and elaborate on the framework by setting the minimum criteria and process for assessing the fitness and propriety of Persons prior to appointment and on an ongoing basis, which is expected to ensure the safety and soundness of Licensees and overall stability of the UAE financial sector.

This Regulation and the accompanying Standards establish the functions and Persons who require Authorisation by the Central Bank prior to their appointment or reappointment to positions within a Licensee. Additionally, all functions, which are required to undergo the Fit and Proper Process, are also established.

With the implementation of this Regulation and accompanying Standards, the expectation is that Licensees must be able to assure the Central Bank, on a continuous basis, that they are in full compliance with fit and proper requirements.