1.

Member States shall require investment firms to comply with the following requirements: to establish, implement and maintain decision-making procedures and an organisational structure which clearly and in documented manner specifies reporting lines and allocates functions and responsibilities; to ensure that their relevant persons are aware of the procedures which must be followed for the proper discharge of their responsibilities; to establish, implement and maintain adequate internal control mechanisms designed to secure compliance with decisions and procedures at all levels of the investment firm; to employ personnel with the skills, knowledge and expertise necessary for the discharge of the responsibilities allocated to them; to establish, implement and maintain effective internal reporting and communication of information at all relevant levels of the investment firm; to maintain adequate and orderly records of their business and internal organisation; to ensure that the performance of multiple functions by their relevant persons does not and is not likely to prevent those persons from discharging any particular function soundly, honestly, and professionally. Member States shall ensure that, for those purposes, investment firms take into account the nature, scale and complexity of the business of the firm, and the nature and range of investment services and activities undertaken in the course of that business.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-29 · Text as adopted (Official Journal); later amendments are not incorporated in this text.