supervisory function

1. (1) any function within a common platform firm that is responsible for the supervision of its senior management.
2. (2) (in relation to a management company ) the relevant persons or body or bodies responsible for the supervision of its senior personnel and for the assessment and periodic review of the adequacy and effectiveness of the risk management process and of the policies, arrangements and procedures of the firm.
3. (3) (in relation to an operator of an electronic system in relation to lending) any function within the firm that is responsible for the supervision of its senior personnel.

[Note: article 3(6) of the UCITS implementing Directive]