1. Originators, sponsors and original lenders shall ensure that materially relevant data under Article 409 of Regulation (EU) No 575/2013 is readily accessible to investors, without excessive administrative burden.
2. The appropriate disclosure referred to in Article 409 of Regulation (EU) No 575/2013 shall be done at least annually and in the following circumstances:
(a) where the performance of the securitisation position or the risk characteristics of the securitisation or of the underlying exposures materially change;
(b) following a breach of the obligations included in the documentation relating to the securitisation.
(2a) Materially relevant data on the individual underlying exposures shall, in general, be provided on a loan- by-loan basis; however in certain instances the data provided on an aggregate basis may be sufficient. In assessing whether data provided on an aggregate basis is sufficient, factors to be taken into account shall include the granularity of the under