(1) Subject to paragraph (2), the Bank may approve the appointment of a person (in this Part referred to as a "third party assessor") under Regulation 14(1) where it is satisfied that the person has the requisite expertise to -

(a) objectively assess whether an EMIR regulatory return has been prepared and completed in compliance with these Regulations, including any rules or standards issued by the Bank under Regulation 13, and

(b) perform the functions reasonably required of a third party assessor in respect of an EMIR regulatory return under Regulation 14.

(2) Before approving the appointment of a third party assessor, the Bank shall duly consider whether the third party assessor appears to have -

(a) sufficient detachment from the counterparty to fulfil the requirement under paragraph (1)(a), having regard to any existing professional or commercial relationship, and