1. The manager of an MMF shall document its internal credit quality assessment procedure and credit quality assessments. Documentation shall include all of the following:

(a) the design and operational details of its internal credit quality assessment procedure in a manner that allows competent authorities to understand and evaluate the appropriateness of a credit quality assessment;

(b) the rationale for and the analysis supporting the credit quality assessment, as well as the manager of the MMF's choice of criteria for, and the frequency of, the review of the credit quality assessment;

(c) all major changes to the internal credit quality assessment procedure, including identification of the triggers of such changes;

(d) the organisation of the internal credit quality assessment procedure and the internal control structure;

(e) complete internal credit quality assessment histories on instruments, issuers and, where relevant, recognised guarantors;

(f) the person or persons responsible for the internal credit quality assessment procedure.

2. The manager of an MMF shall keep all the documentation referred to in paragraph 1 for at least three complete annual accounting periods.