CA ANZ suggests a number of other areas where RSE licensees would benefit from greater guidance, including:

• Minimum stress-testing requirement guidance, such as best practice guidance around 1 in 200-year events
• Guidance around how to deal with testing against stated performance benchmarks and how to interpret results when they differ from testing against benchmarks used in the performance test or heatmaps
• That consideration should be given to guidance in relation to benchmark selection in the context of the investment strategy, in particular stress-testing. We note that discussion of benchmark selection appears to have been restricted to valuation contexts, only.