Article 321-32 into force since
- Version into force since
Asset management companies shall ensure that the following conditions are met to enable the compliance function to perform its tasks properly and independently:
The compliance function must have the necessary authority, resources and expertise and access to all relevant information;
A compliance and internal control officer must be appointed and must be responsible for this function and for reporting as to compliance, including the report referred to in Article 321-36.
The relevant persons involved in the compliance function are not involved in the performance of the services and activities that they monitor;
The method for determining the remuneration of the relevant persons involved in the compliance function must not compromise their objectivity and must not be likely to do so.
However, asset management companies shall not be required to comply with Points 3° or 4° if they are able to demonstrate that, in view of the nature, scale, complexity and range of the businesses that they engage in, the requirements under Points 3° or 4° are not proportionate and that their compliance function continues to be effective.
Head of publications: The Executive Director of AMF Communication Directorate. Contact: Communication Directorate – Autorité des marches financiers 17 place de la Bourse – 75082 Paris cedex 02