(1) The Bank shall ensure that investment firms and their management bodies comply with Regulations 76 and 79 of the European Union (Capital Requirements) Regulations 2014.

(2) Without prejudice to the requirements under Regulation 79 of the European Union (Capital Requirements) Regulations 2014, the management body of an investment firm shall -

(a) define, oversee and be accountable for the implementation of the governance arrangements that ensure effective and prudent management of the investment firm, including the segregation of duties in the investment firm and the prevention of conflicts of interest in a manner that promotes the integrity of the market and the interests of clients,

(b) monitor, and periodically assess, the effectiveness of the investment firm's governance arrangements and the adequacy of the policies relating to the provision of services to clients and take appropriate steps to address any deficiencies, and