(1) The designated authority shall perform stress tests of their systems.

(2) Subject to paragraph (3), the stress tests referred to in paragraph (1) shall take place at least every 3 years and more frequently where considered appropriate by the designated authority.

(3) The first stress test under this Regulation shall take place not later than 3 July 2017.

(4) The competent authority or resolution authority shall ensure that the designated authority is informed as soon as possible in the event that either becomes aware of matters in a credit institution that are likely to give rise to the intervention of the designated authority.

(5) The designated authority shall use the information necessary to perform stress tests of their systems only for the performance of those tests and shall keep such information no longer than is necessary for that purpose.