Commission Delegated Regulation (EU) 2018/1645Show full title

10. INPUT DATA AND METHODOLOGY U.K.

(a)

For each benchmark or family of benchmarks, policies and procedures with respect to input data, including those relating to:

(i)

the type of input data used, their priority of use and any exercise of discretion or expert judgment;

(ii)

any process for ensuring that input data is sufficient, appropriate and verifiable;

(iii)

the criteria that determine who may contribute input data to the administrator and the selection process of the contributors;

(iv)

the evaluation of the contributor's input data and the process of validating input data.

(b)

For each benchmark or family of benchmarks, with respect to the methodology:

(i)

a description of the methodology, highlighting the key elements of the methodology in accordance with Article 13 of the Regulation (EU) 2016/1011, and further specified in the regulatory technical standards adopted under Article 13(3) of Regulation (EU) 2016/1011(1);

(ii)

Policies and procedures, including those relating to:

• the measures taken to provide validation and review of the methodology, including any trials or back-testing performed;

• the consultation process on any proposed material change in the methodology.

(1)

Commission Delegated Regulation (EU) 2018/1641 of 13 July 2018 supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council with regard to regulatory technical standards specifying further the information to be provided by administrators of critical or significant benchmarks on the methodology used to determine the benchmark, the internal review and approval of the methodology and on the procedures for making material changes in the methodology (see page 21 of this Official Journal).