(1) The Bank is designated as the competent authority in the State responsible for carrying out the functions of a competent authority referred to in the Investment Firms Directive and Regulation (EU) 2019/2033.

(2) The Bank shall supervise the activities of investment firms and, where applicable, of investment holding companies and mixed financial holding companies to assess compliance with the requirements of the Investment Firms Directive and Regulation (EU) 2019/2033.

(3) An investment firm shall provide the Bank with all the information necessary to assess compliance by the firm with these Regulations and Regulation (EU) 2019/2033.

(4) An investment firm shall put in place internal control mechanisms and administrative and accounting procedures to enable the Bank to check compliance by the firm with these Regulations and Regulation (EU) 2019/2033.

(5) An investment firm shall record all of its transactions and document the systems and processes of the firms which are subject to these Regulations and Regulation (EU) 2019/2033 in such a manner that the Bank is able to assess compliance with these Regulations and Regulation (EU) 2019/2033 at all times.