(a)

the sequential implementation plan includes at least the following:

(b)

the sequential implementation plan comprises all exposures of the institution, and, where applicable, its parent undertaking, and all exposures of the subsidiaries of the institution, unless the exposures are assessed in accordance with Article 8;

(c)

the implementation is planned to be performed in accordance with the second and third subparagraphs of Article 148(1) of Regulation (EU) No 575/2013;

(d)

where the institution is permitted to use the IRB Approach for any exposure class, that it uses the IRB Approach for equity exposures except in the cases specified in Article 148(5) of Regulation (EU) No 575/2013;

(e)

the sequence and time periods of the implementation of the IRB Approach are specified on the basis of the real capabilities of the institution, having regard to the availability of data, rating systems and experience periods as referred to in Article 145 of Regulation (EU) No 575/2013 and are not used selectively for the purpose of achieving reduced own funds requirements;

(f)

the sequence of the implementation of the IRB Approach ensures that implementation with regard to the credit exposures relating to the institution’s core business is given priority;

(g)

a definite time limit for the implementation of the IRB Approach is set for each type of exposures and business units and is reasonable on the basis of the nature and scale of the institution’s activities.

(a)

the complexity of the institution’s operations, including those of the parent undertaking and its subsidiaries;

(b)

the number of business units and business lines within the institution, and, where applicable, its parent undertaking and the subsidiaries of the institution;

(c)

the number and complexity of the rating systems to be implemented by all entities covered by the sequential implementation plan;

(d)

the plans to implement rating systems in subsidiaries located in third countries where significant legal or other difficulties for the approval of IRB models exist;

(e)

the availability of accurate, appropriate and complete time series;

(f)

the institution’s operational capability to develop and implement the rating systems;

(g)

the institution’s prior experience in managing specific types of exposures.

(a)

there are significant changes in the business environment and in particular changes in strategy, mergers and acquisitions;

(b)

there are significant changes in the relevant regulatory requirements;

(c)

material weaknesses in the rating systems have been identified by the competent authority, or by the internal audit or the validation function;

(d)

the elements referred to in paragraph 2 have changed significantly, or any of the elements referred to in paragraph 2 were not taken into account adequately in the plan for sequential implementation of the IRB Approach which was approved.