Glossary

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Term Definition Legal instruments

significant risk taker

07/03/2016

THIS DEFINITION ONLY APPLIES TO THE CERTIFICATION PART

means

(1) an employee of a CRR firm whose professional activities have a material impact on the firm’s risk profile, including any employee who is deemed to have a material impact on the firm’s risk profile in accordance with criteria set out in Articles 3 to 5 of the Material Risk Takers Regulation; or

(2) any employee of a credit union who:

(a) is a member of the governing body;

(b) is a member of the senior management;

(c) is responsible and accountable to the management body for the activities of the independent risk management function, compliance function or internal audit function; or

(d) heads a function responsible for legal affairs, finance including taxation and budgeting, human resources, remuneration policy, information technology or economic analysis.

(3) any employee of a third country CRR firm who would fall within (1) if it had applied in relation to him or her, unless the firm has deemed the employee not be a material risk taker under Remuneration 3.2.