designated committee
- (a) (in relation to a firm that uses the IRB approach) all material aspects of the firm's rating systems and material changes to the firm's rating systems; or
- (b) (in relation to a firm that uses the advanced measurement approach) all material aspects of the advanced measurement approach as carried out by the firm and material changes to the firm's advanced measurement approach; and
- (c) a policy statement defining the firm's overall approach to material aspects of rating and estimation processes for all rating systems including non-material rating systems in relation to the IRB approach, or its overall approach to the advanced measurement approach, as relevant;
37(in relation to a firm) a management body of the firm with delegated authority from the firm's governing body for approving either:
at least one of whose members is a member of the firm's governing body.