11. Where a branch is identified as a SIPS operator:
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(a)
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the exercise of the tasks required for ensuring compliance with this Regulation shall be duly delegated to the Branch Management; and
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(b)
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all managing directors who constitute the Branch Management shall also be members of the management of the legal entity of which the branch is a legally dependent part.
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For the purpose of point (b) ‘members of the management’ means, in a unitary board system, the members of the Board engaged in the daily management of the legal entity and any other executive officers appointed by the Board who are engaged in the daily management of the legal entity or, in a dual board system, the members of the management board and any other executive officers appointed by the Board or by the management board who are engaged in the daily management of the legal entity.