In relation to (3) and (4), the Regulator may consider granting its approval for a change of approach if it is satisfied that there are no regulatory capital arbitrage opportunities. Firms should be able to demonstrate to the Regulator reasonable grounds to be able to move from one approach to the other. For instance, in assessing whether or not to grant approval, the Regulator may consider whether or not there has been a material change in the business of the firm.