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Article 312-45 en vigueur au

  • Version into force since
ELI : /en/eli/fr/aai/amf/rg/article/312-45/20180705/notes

I - The investment service provider shall establish and maintain a permanent risk management function.

II.- The permanent risk management function shall be hierarchically and functionally independent from operating units.

However, the investment service provider may derogate from this obligation where the derogation is appropriate and proportionate in view of the nature, scale, diversity and complexity of its business and of the individual portfolios it manages.

The investment service provider shall be able to demonstrate that appropriate safeguards against conflicts of interest have been adopted so as to allow an independent performance of risk management activities, and that its risk management process satisfies the requirements of Article L. 533-10-1 of the Monetary and Financial Code.

III.-The permanent risk management function shall:

a) Implement the risk management policy and procedures;

b) Ensure compliance with the system for limiting the risks of individual portfolios;

c) Provide advice to the board of directors as regards the identification of the risk profile of each individual portfolio managed;

d) Provide regular reports to the board of directors and, where it exists, the supervisory function, on:

  • the consistency between the current levels of risk incurred by each individual portfolio managed and the risk profile agreed for that portfolio;

  • the compliance of each individual portfolio managed with relevant risk limiting systems;

  • the adequacy and effectiveness of the risk management process, indicating in particular whether appropriate remedial measures have been taken in the event of any deficiencies;

e) Provide regular reports to the senior management outlining the current level of risk incurred by each individual portfolio managed and any actual or foreseeable breaches of their limits, so as to ensure that prompt and appropriate action can be taken.

Where appropriate in view of the nature, scale and complexity of its business and of the individual portfolios it manages, the investment service provider may apply the obligations of c, d and e for each type or profile of individual portfolio managed.

IV.-The permanent risk management function shall have the necessary authority and access to all relevant information necessary to fulfil the tasks set out in III.