This Regulation and the accompanying Standards apply to all Licensed Financial Institutions, Insurance Companies, Takaful Insurance Companies and Insurance-Related Professions (collectively, Licensees). The fit and proper and suitability requirements apply to the Licensee as a whole and the individuals involved in the management and control, as well as those who exercise significant power or discharge significant responsibilities in relation to the activities carried on by the Licensee.

Licensees established in the UAE with Group relationships, including Subsidiaries, Affiliates, or international branches, must ensure that this Regulation and the accompanying Standards are adhered to on a solo and Group-wide basis. The requirements within this Regulation and the accompanying Standards shall also apply to Persons engaged by a Licensee in cases where a function is outsourced, where applicable.