COMPLIANCE NOTIFICATION - To whom it may concern

The capital of the ESM is held by the 20 euro area member states; the exact holding of each country (= ESM Member) is available here. [...] The Board of Directors ensures that the ESM is run in accordance with the ESM Treaty and the By-Laws. [...] o The Managing Director is responsible for conducting the current business of the ESM under the direction of the Board of Directors. [...] 1 Public Although not a formal governing body of the ESM, the Management Board assists the Managing Director in conducting the current business of the ESM, preparing the decis. [...] • As an independent oversight body of the ESM, the ESM Board of Auditors audits the regularity, compliance, performance, and risk management of the ESM and monitors the ESM internal and external audit processes and their results.