C.4. Issuers of ARTs’ or CASPs’ corrective measures

If an issuer of ARTs’ or a CASP’s assessment or re -assessment concludes that the management body or a member of the management body does not possess the adequate knowledge, skill and experience, or cannot commit sufficient time, the issuer of ARTs or the CASP should take appropriate corrective measures in a timely manner.

Where a member of the management body is not of sufficient good repute the member should not be appointed, be replaced or not be allowed to execute the position.

Appropriate corrective measures may include but are not limited to: adjusting responsibilities between members; replacing certain members; recruiting additional members; training single members; or training for the management body collectively to ensure that it has appropriate collective knowledge, skills and experience.

If an issuer of ARTs or a CASP’s assessment or re -assessment identifies easily remediable shortcomings of the adequate knowledge, skills and experience or ability to commit sufficient time of the management body or a member of the management body, the issuer of ARTs or the CASP should take appropriate corrective measures to overcome those shortcomings in a timely manner.

In any case, competent authorities should be informed without delay of any material shortcomings identified concerning any of the members of the management organ and the management body’s collective composition. The information should include the measures taken or envisaged to remedy those shortcomings and the timeline for their implementation.