# Commission Directive 2006/73/EC of 10 August 2006 implementing Directive 2004/39/EC of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive (Text with EEA relevance), Article 9: (Article 13(2) of Directive 2004/39/EC)Responsibility of senior management

Extent: E+W+S+N.I.

1. Member States shall require investment firms, when allocating functions internally, to ensure that senior management, and, where appropriate, the supervisory function, are responsible for ensuring that the firm complies with its obligations under Directive 2004/39/EC.
In particular, senior management and, where appropriate, the supervisory function shall be required to assess and periodically to review the effectiveness of the policies, arrangements and procedures put in place to comply with the obligations under Directive 2004/39/EC and to take appropriate measures to address any deficiencies.
2. Member States shall require investment firms to ensure that their senior management receive on a frequent basis, and at least annually, written reports on the matters covered by Articles 6, 7 and 8 indicating in particular whether the appropriate remedial measures have been taken in the event of any deficiencies.
3. Member States shall require investment firms to ensure that the supervisory function, if any, receives on a regular basis written reports on the same matters.
4. For the purposes of this Article, ‘supervisory function’ means the function within an investment firm responsible for the supervision of its senior management.

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Source: https://www.legislation.gov.uk/eudr/2006/73/article/9 (the official version)
Page: https://openlegislation.uk/eu-directive-2006-73/article-9
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.