Knowledge Base
Advise staff and management on regulatory requirements and ethical standards
What must the RCCI do when their recommendations are not followed by senior management?
According to AMF Position DOC-2014-06, the RCCI must document and record in their compliance reports situations where their recommendations are not followed. If these recommendations are important, this information must also be reported in the FRA-RAC form submitted to the AMF.
What is one of the required qualifications for the RCCI to provide effective assistance to staff?
To provide effective assistance, the RCCI must possess the required qualifications, knowledge and expertise. These competencies must be kept up to date through regular training to address regulatory developments.
What is one of the essential missions of the compliance function according to AMF Position DOC-2014-06?
AMF Position DOC-2014-06 identifies two essential missions for the compliance function: advice and control. Advice involves providing guidance and assistance, while control consists of monitoring compliance with the rules.
What are the two distinct audiences addressed by the RCCI's advisory and assistance mission?
According to AMF Position DOC-2014-06, the RCCI's advisory and assistance mission addresses two distinct audiences: operational units and senior management. This means the RCCI must provide tailored advice to these two groups, which requires an in-depth understanding of the specific needs of each.
The RCCI must be involved in all significant organisational changes and all projects likely to generate a non-compliance risk.
To provide effective advice, the RCCI must be involved from the outset in significant organisational changes and new projects. This allows for the identification and management of non-compliance risks from their inception, in accordance with regulatory requirements.
The RCCI may exceptionally not attend senior management meetings without written justification.
The AMF recommends that the RCCI be able to attend senior management meetings when their presence is necessary. If this right is exceptionally not granted, a refusal must be the subject of a report and written justification, underscoring the importance the regulator attaches to this direct advisory capacity.
Minimum frequency of RCCI reports for management
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In accordance with Article 321-36 of the AMF General Regulation, the RCCI must produce regular reports, at least annually, for management. These reports cover all operational units and indicate whether appropriate measures have been taken in case of deficiency.
Categorize items by dragging them to the appropriate zones
Items to categorize:
Advice to staff
Advice to management
Advice to staff takes the form of daily assistance, while advice to management involves structured reports and participation in meetings. This distinction is crucial for adapting the RCCI's interventions.