(a)

the price is obtained from a transaction to which the institution was one of the parties and which was entered into at arm’s length;

(b)

the price is obtained from a transaction which was entered into by third parties at arm’s length and that meets all the conditions set out in paragraph 5;

(c)

the price is obtained from actual bona fide competitive bid and offer quotations provided at arm’s length by the institution itself or by third parties, the values at which the institution or the third parties have committed to execute a transaction in accordance with trade custom and that meets all the conditions set out in paragraph 5.

(a)

the price is obtained from a transaction or bid and offer quotations between two entities of the same group;

(b)

the price is obtained from a transaction or bid and offer quotations of a negligible volume as compared to usual volume of transactions or quotations reflective of current market conditions;

(c)

the price is obtained from quotations with a bid-offer spread that deviates substantially from bid-offer spreads reflective of current market conditions;

(d)

the price is obtained from a transaction that has been conducted with the sole purpose of identifying a sufficient number of verifiable prices that meet the criteria set out in Article 1 of this Regulation;

(e)

the price is obtained from quotations that have been committed with the sole purpose of identifying a sufficient number of verifiable prices that meet the criteria set out in Article 1 of this Regulation.

(a)

the transaction or quotations have been processed through, or collected by, a third-party vendor;

(b)

the third-party vendor or the institution has agreed to provide to the institution’s competent authority, where requested, evidence of the transaction or the quotations and evidence of the verifiability of the price obtained from that transaction or those quotations;

(c)

the third-party vendor has communicated to the institution the date on which the transaction or the quotations have been observed, and a minimum set of information on the transaction or the quotations to enable the institution to map the verifiable price to the risk factors for which that price obtained from that transaction or those quotations is representative in accordance with Article 3 of this Regulation;

(d)

the institution has verified that the third-party vendor is subject, at least annually, to an independent audit by a third-party undertaking, within the meaning of Article 325bi(1), second subparagraph, of Regulation (EU) No 575/2013, regarding the validity of its price information, governance and processes, and has access to audit results and reports, in order to be able to communicate to its competent authority, where requested, those results and reports.

(a)

whether the third-party vendor possesses the information necessary to check that the price is verifiable and to map the verifiable price to the risk factors for which that price is representative in accordance with Article 3 of this Regulation;

(b)

whether the third-party vendor is able to demonstrate the integrity of the information referred to in point (a);

(c)

whether the third-party vendor has in place internal processes and a sufficient number of staff with a level of skills appropriate for the management of the information referred to in point (a);

(d)

whether, where a third-party vendor does not provide the institution with the information necessary to check the verifiability of the price, the third-party vendor is contractually obliged to have checked the verifiability of the price.