Difference between participal adjective and relative clause
Solution 1:
The two are identical in meaning; the difference is solely stylistic, though for me, the participial construction makes for tighter prose. The phrase "requiring the approval of the committee" is, however, neither a clause nor a gerund-participle, a term the Cambridge Grammar employs to remind us all that English doesn't really have a gerund, but still requires that the verb form be used as a noun.