1. An application for registration as a trade repository shall contain an overview of the internal controls of the applicant. This shall include information regarding its compliance function, review function, risk assessment, internal control mechanisms and arrangements of its internal audit function.
2. The overview shall include information on the following matters:
the applicants’ internal control policies and procedures;
the monitoring and evaluation of the adequacy and effectiveness of the applicant’s systems;
the control and safeguard for the applicant’s information processing systems;
the internal bodies in charge of the evaluation of the findings.
3. An application for registration as a trade repository shall contain the following information with respect to the applicant’s internal audit function:
an explanation of how its internal audit methodology is developed and applied taking into account the nature of the applicant’s activities, complexities and risks;
a work plan for three years following the date of application.