A firm must ensure that directors and senior managers (senior management) have the responsibility for ensuring that the firm complies with its obligations under the regulatory system.
Senior management should receive, on a regular basis and at least annually, written reports on compliance of the firm. This should include their regulatory responsibilities and risk assessments. These reports should identify the remedial action taken where deficiencies have occurred.
They must also periodically review the effectiveness of the internal procedures put in place to meet regulatory requirements and take appropriate measures to address any deficiencies.
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