(1) The Bank shall review on a regular basis, and at least every three years, an investment firm’s compliance with the requirements for the permission to use internal models as referred to in Article 22 of Regulation (EU) 2019/2033.

(2) The Bank shall, in particular -

(a) have regard to changes in an investment firm’s business,

(b) have regard to the implementation of the internal models referred to in paragraph (1) to new products, and

(c) review and assess whether the investment firm uses well- developed and up-to-date techniques and practices for the internal models referred to in paragraph (1).

(3) The Bank shall ensure that material deficiencies identified in the coverage of risk by an investment firm’s internal models are rectified, or take steps to mitigate their consequences, including by imposing capital add-ons or higher multiplication factors.

(4) Where, for internal risk-to-market models, numerous overshootings as referred to in Article 366 of Regulation (EU) No 575/2013 indicate that the internal models of an investment firm are not or are no longer accurate, the Bank shall revoke the permission to use the internal models or impose appropriate measures to ensure that the internal models are improved promptly within a set timeframe.