(a)

significant changes where the institution aims to apply internal risk transfers for the first time;

(b)

significant changes where trading desks capture foreign exchange (FX) or commodity risk in the non-trading book for the first time;

(c)

significant changes where trading desks start to include positions in asset classes different from those forming part of the permission to use the alternative internal models.

(a)

for that trading desk, front office systems or IT systems that are different from those forming part of the permission to use the alternative internal models are used;

(b)

that trading desk is located in a third country jurisdiction where, at the moment of the request, no trading desk in the scope of the alternative internal models is located;

(c)

that trading desk entails positions in asset classes that are different from those forming part of the permission to use the alternative internal models.

(a)

where the scope of the internal validation review, its frequency or the quantity or quality of the tests and controls performed are reduced;

(b)

where there are significant changes to the decision-making process in place to ensure that the findings and recommendations resulting from the validation process are properly taken into account by the senior management of the institution.

(a)

significant changes to the limit setting framework;

(b)

changes to the reporting framework leading to a loss of information or to a change of addressees in the senior management;

(c)

changes to the stress testing methodology leading to significant differences in the stress testing results;

(d)

changes to the policies and approval processes for new products or internal model changes.

(a)

an extension of the IT system to vendor pricing models;

(b)

the outsourcing of central data collection functions to data vendors;

(c)

the introduction of cloud computing or data storage.