The results are detailed and do not guarantee a pleasant reading for the clients in the investment management market. The CMA found „significant deficiencies“ in major companies` understanding of their regulatory obligations and oversight of their RAs. In addition to the results of the audits, the ACF also published a letter entitled „Dear CEO“ for CEOs of large companies. The letter reminds major companies of the regulatory standards and obligations they must meet with respect to their LAs. 1 It is up to the awarding entities to consider, on a case-by-case basis, whether to present to their designated representative the multiple principal agreement or, in certain circumstances, to make their designated representative a contracting party. 1The ACF has the authority to decide not to include in the financial services register (or to remove from the financial services register) a designated representative whose activities are part of an insurance intermediation activity if the ACF deems that it is not fit and appropriate to carry out these activities (Article 95 of the Regulated Activities Regulation). put in place effective systems and controls to ensure that the designated agent complies with all contractual restrictions imposed, including those relating to several major principles, in accordance with the regulations relating to designated agents and under THE SUP 12.5.6A R (see SUP 12.6.11A R). In assessing whether designed differently under DEE 12.4.2 R (2)b), whether a designated representative or potential designated representative is otherwise likely to act for the company in that capacity, a company should consider: an agreement that will allow each awarding entity to cooperate in resolving a client`s complaint about the conduct of the designated agent. As part of the review, the CFA surveyed more than 330 major companies with 1 to 80 ARs each. The ACF also conducted site visits with 15 companies and conducted more detailed audits in these cases. Most of the large companies we studied had weak or underdeveloped governance agreements, including the lack of effective risk frameworks, internal controls and resources… We conclude that there is a risk of harm to consumers and the market as a result of the activities of ENTREPRISES active in this sector.