18. For the purposes of the previous paragraph, account should be taken of the variety of different …

For the purposes of the previous paragraph, account should be taken of the variety of different business models under which investment firms and investment firm groups operate, indicatively as investment advisors, portfolio managers, trading venues, custodians, execution or wholesale brokers, trading firms, and others. Accordingly, for the internal governance arrangements to be deemed to be consistent with the individual risk profile of the firm and the group, commensurate with their size and internal organisation, relevant to their business model, suitable for the nature, scale and complexity of their activities and sufficient to effectively achieve the objectives of the relevant regulatory requirements and provisions, it should be ensured that investment firms with a more complex organisation or with a larger scale should have more sophisticated governance arrangements, while investment firms with a simpler organisation or with a smaller scale may implement simpler governance arrangements. Investment firms should, however, note that the size or systemic importance of an investment firm may not, in itself, be indicative of the extent to which an investment firm is exposed to risks.

1. Overview

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

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