1.   The valuer, or the resolution authority where conducting a provisional valuation pursuant to Article 26(1) of Regulation (EU) 2021/23, shall take into account general factors that may affect the key assumptions on which the values of assets and liabilities in the areas referred to in Article 13 are based, including the following factors:

(a)	the economic and industry circumstances affecting the CCP, including default events, or non-default events and relevant market developments;

(b)	the CCP’s business model and changes in its strategy;

(c)	the CCP’s asset selection criteria;

(d)	circumstances and practices that are likely to lead to payment shocks;

(e)	circumstances affecting capital requirements;

(f)	the impact of the CCP’s financial structure on the capacity of the CCP to retain assets and contracts for the expected holding period and the CCP’s ability to generate predictable cash flows;

(g)	the CCP’s operating rules and loss allocation;

(h)	general or CCP-specific liquidity or funding concerns.

2.   The valuer, or the resolution authority where conducting a provisional valuation pursuant to Article 26(1) of Regulation (EU) 2021/23, shall clearly separate any material unrealised gains identified in the valuation process, to the extent that those gains have not been recognised in the valuation and shall provide appropriate information in the valuation report of the exceptional circumstances that have led to those gains.