(1) The Bank, as part of the initial approval process of an internal model of an undertaking, shall approve the policy for changing the model.
(2) The undertaking may change its internal model in accordance with that policy.
(3) The policy shall include a specification of minor and major changes to the internal model.
(4) Major changes to the internal model, as well as changes to that policy, shall always be subject to prior approval by the Bank, as laid down in Regulation 125.
(5) Minor changes to the internal model shall not be subject to prior approval by the Bank, insofar as they are developed in accordance with that policy.