Article 16
Organisational arrangements
1. Crowdfunding service providers shall ensure a robust and transparent organisational and operational structure for any contingency fund they may have in place and shall have a written description of it.
2. The management body of crowdfunding service providers shall oversee the implementation of the governance and organisational arrangements of the contingency fund.
3. For the purposes of paragraph 2, all the members of the management body of crowdfunding service providers shall:
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(a) |
have full knowledge of the legal, organisational and operational structure of the contingency fund and ensure that that structure is in line with its approved purposes; |
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(b) |
be fully aware of the structure, responsibilities and the division of tasks within the contingency fund. |
4. The organisational structure of the fund shall not impede the ability of the management body to identify, oversee and manage effectively the risks that the fund will face as a result of its operations.