Related provisions for DTR 7.1.1

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(1) 4A majority of the members of the relevant body must be independent.(2) At least one member of the relevant body must have competence in accounting or auditing, or both.(3) The members of the relevant body as a whole must have competence relevant to the sector in which the issuer is operating.[Note: article 39(1) of the Audit Directive]
4The chair7 of the relevant body must be: (1) independent; and (2) appointed by the members of the relevant body or by the administrative or supervisory body of the issuer.[Note: article 39(1) of the Audit Directive]
DTR 7.1.3RRP
An issuer must ensure that, as a minimum, the relevant body must:(1) monitor the financial reporting process and submit recommendations or proposals to ensure its integrity4;(2) monitor the effectiveness of the issuer’s internal quality control4 and risk management systems and, where applicable, its internal audit, regarding the financial reporting of the issuer, without breaching its independence4; (3) monitor the statutory audit of the annual and consolidated financial statements,
1The original6 purpose of the requirements in DTR 7.1 was6 to implement parts of the Audit Directive which require issuers that are required to appoint a statutory auditor to appoint an audit committee or have a body performing equivalent functions.
DTR 7.1 does not apply to:(1) any issuer which is a subsidiary undertaking of a parent undertaking where the parent undertaking is subject to:3(a) DTR 7.16; and3(b) articles 11(1), 11(2) and 16(5) of the Audit Regulation;3[Note: article 39(3)(a)3 of the Audit Directive](2) any issuer the sole business of which is to act as the issuer of asset-backed securities provided the entity makes a statement available to the public setting out the reasons for which it considers it is not