Contents
- 1. A price shall be considered verifiable where any of the fo…
- 2. Notwithstanding paragraph 1, a price shall not be consider…
- 3. The observation date of a verifiable price shall be identi…
- 4. For the purposes of this Article, a third-party vendor sha…1 change
- 5. A transaction or bid and offer quotations shall only be us…
- 6. For the purposes of paragraph 5, point (d), the independen…
- 7. Where a third-party vendor does not provide the institutio…
6.For the purposes of paragraph 5, point (d), the independent audit shall assess all of the following:
(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.
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