Selection of Northern Ireland recordable transactions
8.—(1) In each reporting period, in relation to each Northern Ireland participant who has provided a Northern Ireland report, the Commission must—
(a)select for verification 50 per cent of all recordable transactions to which an individual participant is a party and which have been reported by that Northern Ireland participant in accordance with paragraphs (2) and (3); and
(b)select for verification every recordable transaction to which an individual participant is not a party.
(2) In the case of a Northern Ireland participant who has reported an odd number of recordable transactions to which individual participants are a party during any reporting period, the Commission must determine the number of recordable transactions involving individual participants to be selected for verification by adding one to the number of recordable transactions involving individual participants reported by that Northern Ireland participant and dividing the resulting number by two.
(3) In the case of a Northern Ireland participant who has reported only one recordable transaction to which an individual participant is a party during any reporting period, the Commission must select that transaction for verification.