# Article 17 — (Article 11(14)(b) of Regulation (EU) No 648/2012) **Commission Delegated Regulation (EU) No 149/2013 · binding · OJ L 52, 23.2.2013 · dated 19 Dec 2012 [in force]** *In force · Consolidated version of 29 November 2022 · Checked against EUR-Lex on 26 Oct 2026 · [Official source](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02013R0149-20221129)* Criteria for using marking-to-model For using marking-to-model, financial and non-financial counterparties shall have a model that: **(a)** incorporates all factors that counterparties would consider in setting a price, including using as much as possible marking-to-market information; **(b)** is consistent with accepted economic methodologies for pricing financial instruments; **(c)** is calibrated and tested for validity using prices from any observable current market transactions in the same financial instrument or based on any available observable market data; **(d)** is validated and monitored independently, by another division than the division taking the risk; **(e)** is duly documented and approved by the board of directors as frequently as necessary, following any material change and at least annually. This approval may be delegated to a committee.