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Rules

EU MIFID II Org Reg Art 22

Requires firms to establish, implement and maintain adequate policies and procedures to detect any risk of a failure by the firm to comply with the requirements of MiFID II.

Rule Overview

Jurisdiction: European Union

Regulator: ESMA

Topic: General Requirements

Overview
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A firm must taken into account the nature, scale and complexity of its business and the nature and range of investments services and activities undertaken.

Article 22(2)
A permanent, effective and independent compliance function must be established
Article 22(3)(a)
The compliance function must have the necessary authority, resources, expertise and access to all relevant information
Article 22(3)(b)
A compliance officer must be appointed
Article 22(3)(c)
A significant risk of failure by the firm to comply with its regulatory obligations must be reported by the compliance function to the management body of the firm
Article 22(3)(d)
Compliance staff must not be involved int the performance of services or activities that they monitor
Article 22(3)(e)
The method of remunerating compliance staff cannot compromise their objectivity
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