1. Investment firms shall, when allocating functions internally, ensure that senior management, and, where applicable, the supervisory function, are responsible for ensuring that the firm complies with its obligations under UK law on markets in financial instruments ("UK obligations"). In particular, senior management and, where applicable, the supervisory function shall be required to assess and periodically review the effectiveness of the policies, arrangements and procedures put in place to comply with UK obligations and to take appropriate measures to address any deficiencies.
The allocation of significant functions among senior managers shall clearly establish who is responsible for overseeing and maintaining the firm's organisational requirements. Records of the allocation of significant functions shall be kept up-to-date.
2. Investment firms shall ensure that their senior management receive on a frequent basis, and at least annually, written reports on the matters covered by Art
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