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Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

Article 7 Expert judgement

The policies that a supervised contributor is required to establish pursuant to Article 16(3) of Regulation (EU) 2016/1011 where the input data relies on expert judgement shall include at least the following elements:

  1. (a)

    a framework for ensuring consistency between different submitters, and consistency over time, in relation to the use of judgement or the exercise of discretion;

  2. (b)

    identification of the types of information that can, or cannot, be taken into account in the use of judgement or the exercise of discretion;

  3. (c)

    procedures for the review of any use of judgement or exercise of discretion.