53B.—(1) For the purposes of this section—

(a) a person has inherent responsibility for an aspect of the affairs of a regulated financial service provider if—

(i) the person performs a pre-approval controlled function in relation to the regulated financial service provider, and

(ii) the aspect of its affairs is specified in relation to that function by regulations made under section 48 (2)(ba) of the Central Bank (Supervision and Enforcement) Act 2013,

and

(b) a person has allocated responsibility for an aspect of the affairs of a regulated financial service provider if—

(i) the person performs a pre-approval controlled function in relation to the regulated financial service provider, and

(ii) responsibility for the aspect of its affairs has been allocated to the person performing that function under arrangements adopted by the regulated financial service provider in accordance with regulations made under section 48(2)(bc) of the Central Bank (Supervision and Enforcement) Act 2013.

(2) A person who has inherent or allocated responsibility for an aspect of the affairs of a regulated financial service provider shall take any steps that it is reasonable in the circumstances for the person to take to secure that, while the person has that responsibility, the aspect of the affairs of the regulated financial service provider is conducted so as to avoid contravention by it of its obligations under financial services legislation.

(3) For the purposes of subsection (2), avoiding contravention includes avoiding continuation of a contravention.]