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Status: You are viewing the version of the handbook as on 2009-03-31.

SYSC 4.3 Responsibility of senior personnel

SYSC 4.3.1RRP

A common platform firm1,2 when allocating functions internally, must ensure that senior personnel and, where appropriate, the supervisory function, are responsible for ensuring that the firm complies with its obligations under the regulatory system1. In particular, senior personnel and, where appropriate, the supervisory function must assess and periodically review the effectiveness of the policies, arrangements and procedures put in place to comply with the firm's obligations under the regulatory system1 and take appropriate measures to address any deficiencies.

[Note:

article 9(1) of the MiFID implementing Directive]

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SYSC 4.3.2RRP

A common platform firm1, must ensure:

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  1. (1)

    that its senior personnel receive on a frequent basis, and at least annually, written reports on the matters covered by SYSC 6.1.2 R to SYSC 6.1.5 R, SYSC 6.2.1 R and SYSC 7.1.2 R, SYSC 7.1.3 R and SYSC 7.1.5 R to SYSC 7.1.7 R, indicating in particular whether the appropriate remedial measures have been taken in the event of any deficiencies; and

  2. (2)

    the supervisory function, if any, must receive on a regular basis written reports on the same matters.

    [Note:

    article 9(2) and article 9(3) of the MiFID implementing Directive]

SYSC 4.3.3GRP

The supervisory function does not include a general meeting of the shareholders of a common platform firm, or equivalent bodies, but could involve, for example, a separate supervisory board within a two-tier board structure or the establishment of a non-executive committee of a single-tier board structure.

SYSC 4.3.4G

[deleted]1

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