GEN 5.3.1 GEN 5.3.1(1) An
Authorised Personmust establish and maintain systems and controls, including but not limited to financial and risk systems and controls, that ensure that its affairs are managed effectively and responsibly by its senior management.(2) An Authorised Personmust undertake regular reviews of its systems and controls.
GEN 5.3.1 Guidance
The nature and extent of the systems and controls of an
Authorised Personwill depend upon a variety of factors including the nature, scale and complexity of its business. While all Authorised Persons, irrespective of the nature, scale, and complexity of their business and legal structure or organisation need to comply with this chapter, the DFSAwill take into account these factors and the differences that exist between Authorised Personswhen assessing the adequacy of an Authorised Person'ssystems and controls. Nevertheless, neither these factors nor the differences relieve an Authorised Personfrom compliance with its regulatory obligations.