12. In Member States where the management body delegates, partially or fully, the executive …

In Member States where the management body delegates, partially or fully, the executive function to a person or an internal executive body (e.g. a chief executive officer (CEO), management team or executive committee), the persons who perform these executive functions and direct the business of the institution on the basis of that delegation should be understood as constituting the management function of the management body. For the purposes of these guidelines, any reference to the management body in its management function should be understood as also including the members of the executive body or the CEO, as defined in these guidelines, even if they have not been proposed or appointed as formal members of the investment firm ’s governing body or bodies under national law.

1. Overview

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

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