108. Competent authorities should assess whether the investment firm’s overall governance framework …

Competent authorities should assess whether the investment firm’s overall governance framework includes also the management of the New Product Approval Process (NPAP) and outsourcing. When analysing the internal governance framework and investment firm-wide controls, competent authorities should also take into account the assessments received from market supervisors and evaluate whether these give rise to prudential concerns. This could be the case in particular where findings point to material weaknesses in an investment firm’s systems and controls with regard to NPAP and outsourcing. Conversely, where the competent authority’s assessment indicates the shortcomings in an investment firm’s internal controls and governance framework and investment firm-wide controls give rise to prudential concerns related to NPAP and outsourcing, competent authorities should share the outcome of that assessment with market supervisors.

Category 3 investment firms

1. Overview

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

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