Article 6 4

(a)

on the basis of a proposal from the risk control unit, approves all relevant policies and procedures related to the implementation of the internal model, including the appropriate organisational structure, to ensure that the internal model is implemented with integrity;

(b)

on the basis of a proposal from the risk control unit and after due consideration of the conclusions and recommendations resulting from the validation process, approves the methodologies for assessing market risk applied in the internal model;

(c)

on the basis of an assessment from the risk control unit and after due consideration of the conclusions and recommendations resulting from the validation process, approves any new products;

(d)

on the basis of a proposal from the risk control unit, approves and updates the internal position limits;

(e)

on the basis of a proposal from the risk control unit laying down and assessing the acceptable level of risk, approves the acceptable level of risk, the internal capital allocation and the budget by trading desk;

(f)

adopts the approval procedure for breaches of internal position limits;

(g)

approves or requires corrective actions in relation to breaches of the internal position limits escalated by the risk control unit in accordance with Article 16(1), point (b);

(h)

on the basis of a proposal from the risk control unit: