S.L. 590.1 Art. 18Governance arrangements concerning the safeguarding of client assets.

(1) The subject person shall appoint a single officer of sufficient skill and authority with specific responsibility for matters relating to the compliance by the subject person with its obligations regarding the safeguarding of client assets.

(2) The subject persons shall decide whether the appointed officer is to be dedicated solely to this task or whether the officer can discharge responsibilities effectively whilst having additional responsibilities.

(3) The appointed officer shall draw up periodic reports on compliance by the subject person with its obligations regarding the safeguarding of client assets. Such reports are to be provided to the subject person’s board of administration.