8. Frequency

The requirement of the CRD, for the review of the identified 12-month period of significant stress to be performed at least yearly by institutions, means that different circumstances, including a very high turnover in the trading book or specific trading strategies, may require a review of the stressed period with a higher frequency.

Any changes to the choice of the historical period following the outcome of the review of the stressed period should be communicated to the competent authority before the intended implementation date of the proposed changes.