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Application provision

10.1 This Chapter does not apply to a Swiss general insurer.

10.1

10/12/2018

This Chapter does not apply to a Swiss general insurer.

10.2

10/12/2018

A large firm must ensure that a person who performs the Chair of the Governing Body function on its behalf does not perform the Chief Executive function within the same firm.

10.3

10/12/2018

A large firm that is a member of a group must ensure that a group executive does not perform any of the following functions in respect of the firm:

  1. (1) the Chair of the Governing Body function (SMF9); 
  2. (2) the Chair of Risk Committee function (SMF10);
  3. (3) the Chair of Audit Committee function (SMF11);
  4. (4) the Chair of Remuneration Committee function (SMF12); or
  5. (5) the Senior Independent Director function (SMF14).  

10.4

10/12/2018

A group executive means, in relation to a large firm, a person who is an officer or employee of and performs an executive function at:

  1. (1) a parent undertaking or holding company of the large firm; or
  2. (2) an undertaking which is a member of the same group as the large firm.