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License for a board member in a brokerage company

A brokerage company can choose a two-tier management system with a management board and a supervisory board or a one-tier management system with a board of directors, whereby board members in a two-tier management system or executive directors in a one-tier management system (management body) must obtain ATVP’s license. 

Brokerage company is responsible for ensuring that its management body (management body and supervisory body) is composed in such a way that, as a whole, it has the appropriate knowledge, skills and experience to be able to thoroughly understand the activities of the brokerage company and the risks to which it is exposed. Bodies of the brokerage company, which are responsible for the selection and appointment of members of the management body, must establish and implement an appropriate policy for the selection of suitable candidates.

Only persons, having the following, can be appointed to the position of management board member in a brokerage company:

-    knowledge, skills and experience for managing the operations of a brokerage company or a company of comparable size and activity as a brokerage company or other comparable operations,

-    reputation and qualities for managing the business of the brokerage company and its conduct does not raise doubts about its ability to ensure the safe and prudent management of the brokerage company's operations accordance with the rules on risk management, professional diligence and the highest ethical standards and the prevention of conflicts of interest,

-    does not violate the provision regarding the incompatibility of the performance of other directorial functions or assurances have been given that the candidate will comply with these requirements within the therefore prescribed period.

A member of the management body of a brokerage company must fulfil the conditions for appointment to such a position during the entire period, and in addition:

-    act in accordance with professional care and in particular ensure that the management body of the brokerage company establishes and implements such an internal management arrangement that enables effective and careful management of the brokerage company based on a clear definition of competencies and responsibilities in the brokerage company and policies and measures to prevent conflicts of interest,

-    act openly, honestly and independently in order to be able to effectively evaluate and judge the decisions of the senior management regarding the management of the brokerage company and to effectively control and monitor the decision-making regarding the management of the brokerage company,

-    act in accordance with the highest ethical management standards, taking into account the prevention of conflicts of interest,

-    devote enough time to performing the function of the management body so that it can perform this function effectively.

The function of a brokerage company’s member of the management body can only be performed by a person that obtains ATVP’s license for such a function in accordance with ZTFI-1.

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