Article 9 12

12.   A SIPS operator when ensuring compliance with the requirements on integrity under paragraphs 5 and 9 shall consider whether the members of the Board and the Management, and where applicable the Branch Management, of a SIPS operator have a record in respect of convictions or penalties for breaches of the applicable commercial law, insolvency law, financial services law, anti-money laundering law and/or counter-terrorist financing law and breaches of professional duty as well as for fraud.