(1) A regulated firm shall carry out an internal annual review of the following:
(a) the qualifications of an employee subject to the Minimum Competency Code to ensure that -
(i) a recognised qualification held by that employee for the purposes of Part 1 of the Minimum Competency Code is appropriate to the employee's corresponding function referred to in Part 1 of that Code, and
(ii) a qualification held by that employee for the purposes of MiFID services or activities within the scope of Part 2 of the Minimum Competency Code meets the requirements of Part 2 of that Code;
(b) the development and experience needs of an employee subject to the Minimum Competency Code, taking account of regulatory developments and any new retail financial products offered by the firm.
(2) A regulated firm shall ensure that an employee subject to the Minimum Competency Code is aware of, understands and applies the firm's internal policies and procedures designed to ensure compliance with the relevant regul
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