12. Believes that tested voluntary guidelines offer a better basis for dealing with a wide range of complexities and circumstances, at least until they have been road-tested; suggests that a one-stop-shop website for codes of conduct be established for the European Union and promoted internationally; suggests that such a website include a register of companies that comply with the codes of conduct, their disclosures, and explanations of non-compliance; observes that reasons for non-compliance can also be a learning tool; is aware of the fact that adequate and effective monitoring of codes of conduct remains an open question that need ...[+++]s to be addressed;

With regard to complex products including, but not limited to, securitisation exposures and n-th-to-default credit derivatives, institutions shall explicitly assess the need for valuation adjustments to reflect the model risk associated with using a possibly incorrect valuation methodology and the model risk associated with using unobservable (and possibly incorrect) calibration parameters in the valuation model’.

With regard to complex products including, but not limited to, securitisation exposures and n-th-to-default credit derivatives, institutions shall explicitly assess the need for valuation adjustments to reflect the model risk associated with using a possibly incorrect valuation methodology and the model risk associated with using unobservable (and possibly incorrect) calibration parameters in the valuation model’.

This is even more complicated by the fact that, in some cases, it is not even clear what would constitute freely given, specific and informed consent to data processing, such as in the case of behavioural advertising, where internet browser settings are considered by some, but not by others, to deliver the user's consent.

Therefore, if the MIPs were indexed to the price of each of these inputs, complex indexing formulae would have to be established making the determination of the parameters of indexation and the workability of the undertakings extremely complex.

It is a complicated endeavour which needs to take account of a plethora of different parameters, given the extent to which one tunnel differs from another in terms of geography, size and traffic density.