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SECTION 4 Staffing and remuneration

Article 10 Staffing policies and procedures

An application for registration as a trade repository shall contain the following policies and procedures:

  1. (a)

    a copy of the remuneration policy for the senior management, board members and the staff employed in risk and control functions of the applicant;

  2. (b)

    a description of the measures put in place by the applicant to mitigate the risk of over-reliance on any individual employees.

Article 11 Fitness and properness

An application for registration as a trade repository shall contain the following information about the applicant's staff:

  1. (a)

    a general list of the staff directly employed by the trade repository, including their role and qualifications per role;

  2. (b)

    a specific description of the information technology staff directly employed to provide trade repository services, together with the role and the qualifications of each individual;

  3. (c)

    a description of the roles and qualifications of each individual who is responsible for internal audit, internal controls, compliance and risk assessment;

  4. (d)

    the identity of the dedicated staff members and those members of the staff that are operating under an outsourcing arrangement;

  5. (e)

    details of the training on the applicant's policies and procedures as well as the trade repository business, including any examination or other type of formal assessment required for staff regarding the conduct of trade repository activities.

The description referred to in point (b) shall include written evidence of the academic diploma and experience in information technology of at least one senior staff member responsible for IT matters.