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Application provision

1.1 Unless otherwise stated, this Part applies to:

3.1

07/03/2016

The Chief Executive function (SIMF1) is the function of having responsibility, under the immediate authority of the governing body, alone or jointly with others, for carrying out the management of the conduct of the whole of the business (or relevant activities) of a firm.

3.2

07/03/2016

The Chief Finance function (SIMF2) is the function of having responsibility for the management of the financial resources of a firm and reporting to the governing body of a firm in relation to its financial affairs.

3.3

07/03/2016

The Chief Risk function (SIMF4) is the function of having responsibility for overall management of the risk management system specified in Non-Solvency II Firms – Governance 3.5 and 7.

3.4

07/03/2016

The Head of Internal Audit function (SIMF5) is the function of having responsibility for the management of the internal audit function specified in Non-Solvency II Firms – Governance 9.