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supervisory function

      1. (1) any function within a common platform firm that is responsible for the supervision of its senior personnel.
      1. (2) (in relation to a management company and in accordance with article 3(6) of the UCITS implementing Directive) the relevant persons or body or bodies responsible for the supervision of its senior personnel and for the assessment and periodic review of the adequacy and effectiveness of the risk management process and of the policies, arrangements and procedures put in place to comply with its obligations under the UCITS Directive.103