Licensing and authorisation (approvals)

2.4.3 Licensing and authorisation (approvals)

Description of role

Responsible for approving the licensing application at an initial application stage as well as by change of scope, check fit and proper requirements for new licensees and on an on-going basis during the lifetime of a licensee.

Core technical skills

Knowledge of the overall structure of the capital markets and financial sector
Knowledge of strategic drivers and impact of new entrants in the capital markets sector in light of anticipated growth
Critical evaluation of applications, business plans and other submissions documents with a view to obtaining comfort about integrity, accuracy, reliability and relevance of information presented in such documents
Knowledge of relevant laws and principles and standards of regulation and supervision
Able to validate and endorse compliance of applicants with respect to requirements of licensing
Identify any gaps in risk assessments or incorrect risk-impact reviews
Knowledge of how to perform checks on owners, management, and other key personnel (e.g. Fit and Proper testing). Demonstrate capability to interpret financial models, financial statements, and risk measures
Articulate the impact and risk of the proposed entity within the sector and wider economy
Capability to validate complex financial models

Qualification and/ or certification

QFSQF Level 3
Relevant experience

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