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13.—(1) The following requirements apply in respect of the management body of a data reporting service provider—
(a)the management body must possess adequate collective knowledge, skills and experience to be able to understand the activities of the data reporting service provider;
(b)the members of the management body must—
(i)be of sufficiently good repute;
(ii)possess sufficient knowledge, skill and experience, and commit sufficient time, to perform their duties; and
(iii)act with honesty, integrity and independence of mind—
(aa)to effectively challenge the decisions of the senior management where necessary; and
(bb)to effectively oversee and monitor management decision-making where necessary;
(c)the management body must—
(i)define and oversee the implementation of governance arrangements of the data reporting service provider to ensure the effective and prudent management of the provider including the segregation of duties in the provider and the prevention of conflicts of interest;
(ii)when doing so act in a manner that promotes the integrity of the financial markets and the interests of its clients.
(2) In paragraph (1), “data reporting service provider” includes an applicant for authorisation under regulation 10.
(3) Where—
(a)an applicant for authorisation under regulation 10 is a recognised investment exchange; and
(b)the management body of the applicant is the same as the management body of the exchange,
the requirements in paragraph (1)(a) and (b) are deemed to be met.
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