1. The Board of Supervisors shall be composed of:

(a) the Chairperson;

(b) the head of the national public authority competent for the supervision of financial market participants in each Member State, who shall meet in person at least twice a year;

(c) one representative of the Commission, who shall be non-voting;

(d) one representative of the ESRB, who shall be non-voting;

(e) one representative of each of the other two European Supervisory Authorities who shall be non-voting;

2. The Board of Supervisors shall convene meetings with the Securities and Markets Stakeholder Group regularly, at least twice a year.

3. Each competent authority shall be responsible for nominating a high-level alternate from its authority, who may replace the member of the Board of Supervisors referred to in paragraph 1(b), where that person is prevented from attending.

4. In Member States where more than one authority is responsible for the supervision according to this Regulation, those authorities shall agree on a common representative. Nevertheless, when an item to be discussed by the Board of Supervisors does not fall within the competence of the national authority being represented by the member referred to in paragraph 1(b), that member may bring a representative from the relevant national authority, who shall be non-voting.