1. Policies and procedures provided in an application shall contain or be accompanied by:
an indication of who is responsible for the approval and maintenance of the policies and procedures;
a description of how compliance with the policies and procedures will be enforced and monitored and who is responsible for this;
a description of the measures undertaken in the event of a breach of the policies;
an indication of the procedure for reporting to ESMA a material breach of the policy or procedure which may result in a breach of the conditions for initial registration or certification.
2. A credit rating agency may fulfil the obligation to provide information regarding its policies and procedures under this Regulation by submitting a copy of the relevant policies and procedures.