(4)National law, or the by-laws, or the statute of an issuer may require that the supervisory board approves a decision. To account for issuers with a two-tier board structure, that supervisory board should fulfil the role of an issuer’s governing body for complying with the relevant moment of disclosure set out in the non-exhaustive list of final events or final circumstances in protracted processes. To ensure timely disclosure where the supervisory board of an issuer is to endorse the decision of the management board, the internal decision-making process of that issuer should provide for the decision of the supervisory board to be taken as soon as possible after the decision of the management board.