Registrar and share transfer agents must maintain internal controls with CEO accountability and annual audit committee review. Regulation 23 requires the Chief Executive Officer, Managing Director or equivalent of a registrar to an issue and share transfer agent to establish and maintain adequate internal control systems to ensure regulatory compliance and prevent fraud; the board must ensure the senior executive's compliance; the compliance officer must monitor controls and present periodic reports to the audit committee or equivalent; and the audit committee or equivalent must review annually the adequacy and effectiveness of those internal control systems and regulatory compliance.