(1) An Authorised Person must have a Governing Body and senior management that meet the requirements in (2) and (3) respectively.
(2) The Governing Body of the Authorised Person must:
(a) be clearly responsible for setting or approving (or both) the business objectives of the Authorised Person and the strategies for achieving those objectives and for providing effective oversight of the management of the Authorised Person;
(b) comprise an adequate number and mix of individuals who have, among them, the relevant knowledge, skills, expertise and time commitment necessary to effectively carry out the duties and functions of the Governing Body; and
(c) have adequate powers and resources, including its own governance practices and procedures, to enable it to discharge those duties and functions effectively.
(3) The senior management of the Authorised Person must be clearly responsible for the day-to-day management of the Authorised Person's business in accordance with the business objectives and strategies approved or set by the Governing Body.