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  • HC-6.2 HC-6.2 Establishment of Management Structure

    • HC-6.2.1

      The Board must approve and review at least annually the licensees' management structure, responsibilities and authorities.

      October 2019

    • HC-6.2.2

      The Board must appoint senior management whose authority must include management and operation of current activities of the licensees, reporting to and under the direction of the Board. The senior managers must include at a minimum:

      (a) A CEO;
      (b) A chief financial officer;
      (c) An internal auditor;
      (d) A compliance officer/MLRO (see HC-6.5 and AU-1.3); and
      (e) must also include such other approved persons as the Board considers appropriate and as a minimum must include persons occupying controlled functions as outlined in Paragraph AU-1.3.2.
      October 2019

    • HC-6.2.3

      For purposes of HC-6.2.2 given the nature, scale and complexity of its business, licensees may appoint a part-time or a seconded internal auditor.

      October 2019