Requirement (MIFID)
Article 9 Responsibility of senior management
Requirements MIFID - DIRECTIVE 2006/73/EC
Description
Description
1. Member States shall require investment firms, when
allocating functions internally, to ensure that senior management,
and, where appropriate, the supervisory function, are
responsible for ensuring that the firm complies with its
obligations under Directive 2004/39/EC.
In particular, senior management and, where appropriate, the
supervisory function shall be required to assess and periodically
to review the effectiveness of the policies, arrangements and
procedures put in place to comply with the obligations under
Directive 2004/39/EC and to take appropriate measures to
address any deficiencies.
2. Member States shall require investment firms to ensure that
their senior management receive on a frequent basis, and at least
annually, written reports on the matters covered by Articles 6, 7
and 8 indicating in particular whether the appropriate remedial
measures have been taken in the event of any deficiencies.
3. Member States shall require investment firms to ensure that
the supervisory function, if any, receives on a regular basis
written reports on the same matters.
4. For the purposes of this Article, ‘supervisory function’
means the function within an investment firm responsible for
the supervision of its senior management.
Comment
Applies to Article 13(2) of Directive 2004/39/EC