6:9 Article 59 §2 of the Brokerage Supervision Act provides that the stockbroking firm’s senior management or, where applicable, its management committee should report to the statutory governing body, the certified auditor and the NBB on its assessment of the effectiveness of the organisational structure referred to in Article 17 of the Brokerage Supervision Act, including specific organisational measures for the provision of investment services and the measures taken, if any, to remedy any deficiencies that may have been identified.

6:10 Such a report should be prepared at least every two years. However, although this report is now biannual, the firm should nevertheless provide the following information in the year in which reporting is not required:

• a summary of the main developments and changes made or, in the absence thereof, the significant developments and changes introduced by senior management during the reporting period in the context of internal control (including for investment services and activities); and
• a statement by senior management formally confirming that the organisation and

measures taken (including with regard to investment services and activities) comply with statutory and regulatory requirements.

6:11 Circular NBB_2011_09 provides further information on the various reports that the firm’s senior management should submit to the certified auditor and the NBB. This circular also sets out the NBB’s expectations with regard to periodic prudential reporting.  For more information, please refer to this circular.