S.L. 370.14 Art. 8Responsibility of the investment services licence holder appointing tied agents.

(1) Where an investment services licence holder decides to appoint a tied agent, it remains fully and unconditionally responsible for any act or omission on the part of the tied agent when the latter is acting on behalf of the investment services licence holder.

(2) The investment services licence holder shall ensure that its tied agent discloses the capacity in which such tied agent is acting and the name of the investment services licence holder which such tied agent is representing when contacting or before dealing with any client or potential client.

(3) The investment services licence holder that appoints tied agents shall monitor the activities of its tied agents so as to ensure that they continue to comply with the requirements of these regulations and the Investment Services Rules that may be issued by the competent authority in terms of article 6 of the Act, when acting through tied agents.

(4) The investment services licence holder that appoints tied agents shall take adequate measures in order to avoid any negative impact that the activities of the tied agents, which are not covered by the scope of the Directive, could have on the activities carried out by the tied agents on behalf of the investment services licence holder.