4:83 Application of the statutory obligation to set up risk and remuneration committees within the statutory governing body, composed exclusively of non-executive directors and with at least one independent member within the meaning of Article 3(64) of the Brokerage Supervision Act, is not justified for small stockbroking firms. Thus, small stockbroking firms are exempt from the requirement to set up risk and remuneration committees and cannot be obliged to set up an audit committee or a nomination committee.

4:84 In the absence of committees, the statutory governing body as a whole is responsible for exercising the functions assigned to the various committees.^[1]

^{[1] As set out in Article 25 §2 of the Brokerage Supervision Act, when, further to a derogation granted in accordance with Article 22, the chair of the statutory governing body is an executive director, this person may not preside over the statutory governing body when the latter is carrying out the tasks assigned to the committees referred to in Article 24 of the Act.}