8. Where an independent financial planner is a legal person, the persons who effectively run the undertaking shall be named in the application for authorization. What does the concept of ‘effectively run’ mean?

A person shall be considered to effectively run an undertaking if he or she, under whatever name or in whatever capacity (board member, manager, director, etc.), participates in the management or the policymaking of the undertaking, or exerts real influence on the de facto management of the undertaking.