Licensees must designate Material Risk Takers following an assessment of the functions and duties of its Staff to identify which roles will therefore be subject to the Fit and Proper Process at appointment and on an ongoing basis, in line with this Regulation and the accompanying Standards.
5.2
Material Risk Takers must be assessed by the Licensee as fit and proper and suitable for their roles, in the sense that they are sufficiently skilled, knowledgeable and capable of performing the specific function; and possess the relevant minimum qualifications and experience requirements for the post.