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D. Senior Management

1. VASPs shall establish, document and maintain a management structure which clearly sets out the roles, responsibilities, authority and accountability of the Senior Management.
2. VASPs shall ensure its Senior Management comprises suitably qualified individuals with the requisite skills, knowledge and expertise as may be reasonably expected in the global Virtual Asset sector.
3. The Board shall—
  a. adopt a clear process and procedure for selecting and appointing members to the Senior Management; and
  b. ensure that such process and procedure are included in the VASP’s constitutional documents.
4. The Senior Management shall—
  a. act under the direction and oversight of the Board; and
  b. carry out and manage day-to-day activities of the VASP in a manner which—
    i. complies with all applicable laws and regulatory requirements; and
    ii. aligns with the business objectives and policies approved by the Board.
5. A member of the Senior Management may—
  a. except in the case of the Compliance Officer [CO] and/or the head of any internal audit functions, hold a position on the Board;
  b. subject to prior written approval of the Board and screening of conflicts of interest conducted by the Board, hold a position on the board of Entities other than the VASP; and
  c. not hold an employee position in any other Entities except with the prior written consent of the Board.
6. If a member of the Senior Management has been serving on the board of another Entity prior to joining the VASP, such member may continue to serve on the board of that Entity provided that the Board is satisfied that, after conducting relevant screening, no conflicts of interest would arise from the VASP’s appointment of such member.
7. The Senior Management shall furnish all necessary information that the Board may require to supervise and assess the performance of the Senior Management, which assessment shall be carried out by the Board at least annually.