Regulation 23 Organisational requirements
(1) An investment firm shall -
(a) establish adequate policies and procedures sufficient to ensure compliance of the investment firm and the persons who are its managers, employees and tied agents with -
(i) the investment firm's obligations under these Regulations, and
(ii) the appropriate rules governing personal transactions by such persons (that is to say, the arrangements required under Article 29 of Commission Delegated Regulation 2017/565 to be established, implemented and maintained),
(b) maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps designed to prevent conflicts of interest, as identified in Regulation 30, from adversely affecting the interests of the investment firm's clients,
(c) when devising or otherwise creating financial instruments for sale to clients -
(i) maintain, operate and review a product approval process for each financial instrument and for significant adaptations of existing financial instruments before it is marketed or distributed to clients, and