BANK Part 12.2.2 Systems and controls
(1) If an investment dealer holds 1 or more mandates, it must establish appropriate systems and controls in relation to its use of the mandates to prevent the misuse of the authority given by the mandates.
(2) The systems and controls must include the following:
(a) an up-to-date list of the dealer’s mandates and all the conditions and restrictions on the use of each mandate;
(b) a record of every transaction entered into using a mandate;
(c) appropriate controls to ensure that each transaction is within the scope of the authority given by the relevant mandate;
(d) details of the procedures and authorities for giving and receiving instructions under the mandates;
(e) taking all reasonable steps to ensure that any employee who is, or is likely to be, required to give or receive instructions under a mandate is fully aware of its terms, including:
(i) the procedures and authorities referred to in paragraph (d); and
(ii) all the conditions and restrictions (if any) on its use.
|Derived from QFCRA RM/2014-2 (as from 1st January 2015).|