Prudential Regulation Authority Rulebook

4.1

A firm, 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 system. 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 system and take appropriate measures to address any deficiencies.

[Note: Art. 9(1) of the MiFID implementing Directive]

4.2

A firm must ensure that:

1. (1) its senior personnel receive on a frequent basis, and at least annually, written reports on the matters covered by Compliance and Internal Audit 2.2 to 2.4 and 3.1, and Risk Control 2.1, 2.2 and 2.4 to 2.6, 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, receives on a regular basis written reports on the same matters.

[Note: Art. 9(2) and Art. 9(3) of the MiFID implementing Directive]