business unitmeans a business unit as defined in Article 142(1), point (3), of Regulation (EU) No 575/2013.
control functionmeans a function that is independent from the business unit it controls and that is responsible for providing an objective assessment of the investment firm’s risks, review or report on those, including, but not limited to, the risk management function, the compliance function and the internal audit function;
managerial responsibilitymeans a situation in which a staff member heads a business unit or a control function and is directly accountable to the management body as a whole or to a member of the management body or to the senior management;