19. Where applying the principle of proportionality as set out in Article 26 (3) of Directive (EU) …

Where applying the principle of proportionality as set out in Article 26 (3) of Directive (EU) 2019/2034 and specified further in paragraph 20 of these guidelines, competent authorities and investment firms should ensure that such application does not result in the regulatory requirements being waived for investment firms or being applied in a way that means robust governance arrangements, a clear organisational structure, adequate internal control mechanisms, sound and effective risk management and appropriate remuneration policies are not ensured.

1. Overview

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

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