4.2.1 Module: Governance
Item 1 - Board Documents
35. Under the 2015 Guidelines CRAs are required to provide to ESMA the minutes of their board meetings, as well as the a copy of the documents (board packs) sent to their management and supervisory board members in advance of their respective board meetings on a semi-annual basis. While ESMA is satisfied with the information that is being provided under this item, the current semi-annual frequency by which it is reported is not aligned with ESMA’s supervisory processes.
36. To address this issue, the proposed Guidelines maintain the substance of the requirement while increasing the frequency of reporting for category 1 CRAs to a quarterly basis. At the same time and with a view to introducing greater proportionality the frequency of reporting for "category 2" CRAs has been reduced to an annual basis.
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Text of proposed guidelines |
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Item 1 - Board Documents For reporting under this item, CRAs should submit the following: • The minutes of their board meetings, even in draft version if not approved by the following Board; • A copy of documents sent to management and supervisory board members in advance of their respective board meetings, as well as additional documents discussed in the meeting (for instance, reports made by Compliance, Internal Audit Risk, internal review reports function, information security and risk function, etc.); |