(1) Persons who effectively direct the business and the operations of an investment firm must satisfy the Bank that they are -
(a) of sufficiently good repute, and
(b) sufficiently experienced,
so as to ensure the sound and prudent management and operation of the firm.
(2) Where a market operator seeks authorisation to operate an MTF and the persons that effectively direct the business of the MTF are the same as those that effectively direct the business of the regulated market, those persons are deemed to comply with paragraph (1).
(3) An investment firm must notify the Bank of any changes to its management, along with all information needed to assess whether persons appointed or to be appointed to manage the firm are of sufficiently good repute and sufficiently experienced.
(4) The Bank shall require that the management of investment firms is undertaken by at least two persons meeting the requirements laid down in paragraph (1).
(5) However, by way of derogation from the paragra