95. Under the 2015 Guidelines, ESMA sets out a number of areas where it requires CRAs to notify it as soon as possible in the event of a change to a CRAs' initial conditions of registration.

96. Under the proposed Guidelines ESMA maintains the approach of "As Soon As" reporting requirements for each of these material changes to the conditions for registration. However, with a view to improving the information that is received from CRAs, and reduce the need for ESMA to revert on a bilateral basis for clarification, ESMA is introducing standardised templates for the reporting of some areas that would benefit from increased comparability of the information received and more general reporting instructions for each area. These areas are "Changes to Procedures Used to Issue and Review Credit Ratings" for which a reporting template is provided and "IT Processes and Information Processing Systems" for which two separate reporting templates are provided.

97. For all other notifications of material changes to the initial conditions of registration, the approach of the 2015 Guidelines is maintained with the changes included in the proposed Guidelines being limited to additional explanation as to what ESMA considers to be a trigger event for each reporting item. For this reason, the explanations provided under this section are limited to those Items for which a reporting template is being introduced.

Item 32 - Change to Membership of Supervisory / Administrative Board **New**