1. An application for authorisation shall include the following information on the governance arrangements and risk monitoring tools of the applicant CSD:

(a) a description of the governance arrangements of the applicant CSD established in accordance with paragraph 2 of Article 47;

(b) the policies, procedures and systems established in accordance with paragraph 1 of Article 47;

(c) a description of the composition, role and responsibilities of the members of the management body and senior management and the committees established in accordance with Article 48.

2. The information referred to in paragraph 1 shall include a description of the processes concerning the selection, appointment, performance evaluation and removal of senior management and members of the management body.

3. The applicant CSD shall describe its procedure to make its governance arrangements and the rules governing its activity available to the public.

4. Where the applicant CSD adheres to a recognised corporate governance code of conduct, the application shall identify any code, include a copy of that code and justify any situations where the applicant CSD deviates from the code.